Chinese smartphone maker Xiaomi launched a sporty electric car the SU7 on March 28th, offering three models: the standard version priced at 215,900 yuan（$29,872）, the Pro version at 245,900 yuan, and the Max version at 299,900 yuan.

Tesla’s Model 3 starts at 245,900 yuan in China. Lei claimed that the standard version of the SU7 surpassed the Model 3 in over 90% of its specifications, with the exception of two aspects where he suggested it could take Xiaomi at least three to five years to match Tesla's performance.

The Xiaomi SU7 series began taking orders from 10 p.m. Beijing time (1400 GMT) and said it received 50,000 orders within the first 27 minutes. Deliveries for the standard and Max versions will start in April, while the Pro version will be delivered in May.

During the launch event, Xiaomi CEO Lei Jun announced that the SU7 will go on sale in 211 stores across 39 Chinese cities by end of this year, he added. Xiaomi has not said whether it has any plans to sell the car abroad.

The car is entering an intensely competitive market in China, where companies are introducing numerous new models and reducing prices to stay competitive. Analysts have expressed divergent opinions on the likelihood of success for Xiaomi's car project. 

This is Mdgloble, providing you with continuous coverage. Thank you for watching. (Mdgloble Stevie)