Chinese mobile phone manufacturer Xiaomi has diversified its portfolio by venturing into the electric vehicle (EV) market, a move that has propelled its share value in the Hong Kong stock market. After capturing a sizable part of the mobile phone market, Xiaomi has now launched an affordable EV with great features at a low cost.

This SU7 of Xiaomi is equipped with many special features. The biggest feature among these is that this car can run up to 800 kilometers on a single charge. Not only this, it takes only 2.78 seconds to accelerate to the speed of 0-100 km/hr.

Xiaomi received orders of about 90,000 units for this electric car within 24 hours of the EV’s launch. Lei Jun, the founder and CEO of the renowned Chinese smartphone brand, announced that their inaugural electric vehicle would be priced between 215,900 yuan (Rs 24.8 lakh) and 299,900 yuan (Rs 34.5 lakh) in China. The initial price is way less than Tesla’s Model 3 sedan, which begins at 245,900 yuan in China.

According to Lei, the SU7’s standard version can best Tesla’s Model 3 on 90 percent specifications. Only on two aspects is the Xiaomi SU7 behind Tesla and it might take three to five years for Xiaomi to catch up with Tesla in those aspects. Deliveries on orders will start from the end of April, assured Lei.

The features of the SU7 include

Once recharged, this EV runs up to 800 kilometers. At the same time, the top speed of the car is 265 kilometers per hour.

The power of the car is 673 PS, while its torque is 838 Nm. Xiaomi SUV 7 is a four door EV sedan car. Its length is 4997 mm, width is 1963 mm and height is 1455 mm.

The entry-level variant of this car has a 73.6 kWh battery, while the top variant has a 101kWh battery.

The unveiling of the car has also led to an increase in the share price of Xiaomi. In the last month, the shares of the company have given returns of more than 25 percent.