TECH - China's Newest EV Entrant Ignites Another Fierce Price War — Even Small Fry Feel The Heat | Benzinga
The debut of Xiaomi Corporation’s (OTC:XIACF) electric vehicle (EV) in China has ignited a fierce price war, forcing smaller players to cut prices to protect their market share.
What Happened: The launch of Xiaomi’s first EV, the SU7, has led to a price war in the Chinese EV sector, reducing the profit margins of several players in the country, reported South China Morning Post (SCMP) on Sunday.
The SU7 has a starting price of 215,900 yuan (about $29,850), lower than even the Tesla Model 3 in China. The pricier variants of the sedan, called Pro and Max, start at 245,900 ($33,997) and ...