Xiaomi CEO acknowledges Tesla's distinct edge over other electric vehicle rivals.

Xiaomi CEO acknowledges Tesla's distinct edge over other electric vehicle rivals.

Xiaomi CEO Lei Jun recently commented on Tesla's unique advantage in the electric vehicle market. According to Jun, Tesla has the ability to increase the prices of its electric vehicles, a strategy that sets it apart from competitors who risk significant losses by attempting the same.

Xiaomi is preparing to unveil its first EV, the SU7, in approximately a week. The starting price for the SU7 is expected to be around $36,948 (266,000 RMB), with the top trim priced at $46,671 (336,000 RMB). While Xiaomi's SU7 is positioned at a higher price point compared to many other EVs in China, Jun emphasized Tesla's distinct advantage in the market.

Jun highlighted that while other companies may offer more affordable EV options, they face challenges of potential undercutting and stiff competition from established players. In contrast, Tesla's reputation for quality EVs and robust charging infrastructure allows it to consider price hikes without incurring substantial losses.

Jun expressed admiration for Tesla's approach, noting that in the current EV landscape, Tesla stands out as the only company confident enough to raise prices. Despite not leading in sales volume in China, Tesla's strong presence and successful models like the Model Y demonstrate its competitive strength globally.

Tesla's pricing strategy enables it to maintain competitiveness and navigate the evolving EV market landscape effectively. As for Xiaomi's SU7, Jun believes it will offer strong competition to models like the Model 3, citing superior specifications, quality materials, and competitive sourcing costs. While initial pricing may be under scrutiny, Jun remains optimistic about potential adjustments before the SU7's official launch in eight days.



-------The article excerpted from TESLARATI.

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