Xiaomi Enters Cutthroat EV Race With $29,900 SU7 Series

(Bloomberg) — Xiaomi Corp. is kicking off sales of its first electric vehicles with aggressive pricing, betting the Chinese smartphone maker can succeed in a cutthroat market where Apple Inc. faltered.

Co-founder Lei Jun presented his strategy in Beijing Thursday evening with the base SU7 model costing 215,900 yuan ($29,900) and prices stretching up to 299,900 yuan for the SU7 Max. Xiaomi aims to begin mass deliveries by the end of April and is sweetening the deal for early orders with additional freebies like a built-in fridge.