During the two hour-long event, Xiaomi CEO and founder Lei Jun told a packed room whose attendees included the bosses of Chinese EV makers Nio and Xpeng that the standard SU7 EV model will be priced at 215,900 yuan ($29,872.02), while the Pro and Max versions will cost 245,900 yuan and 299,900 yuan respectively.

“It’s 30,000 (yuan) cheaper than the Model 3,” he said. Tesla’s Model 3 starts at 245,900 yuan in China.

He also said many of the capabilities of the SU7, which has drawn comparisons with Porsche’s Taycan and Panamera models, surpassed that of Tesla’s and Porsche’s. For example, its minimum range of 700 km beat Tesla Model 3’s 567km, Lei said.

The launch fulfils the ambition of Xiaomi’s founder, who announced the company’s foray into EVs in 2021 and pledged to invest $10 billion in its auto business as “the last major entrepreneurship project” of his life.