Xiaomi releases electric car $4K cheaper than Tesla’s Model 3 as price wars heat up

- Xiaomi, a Chinese smartphone company, released its first electric car, the SU7, at a price lower than Tesla's Model 3. - The standard version of the SU7 is priced at 215,900 yuan ($30,408) and received over 20,000 orders within seven minutes. - Xiaomi's CEO claimed the SU7 surpasses the Model 3 on over 90% of its specifications, with a minimum driving range of 700 kilometers. - Deliveries for the SU7 are expected to start by the end of April, with the car factory able to produce one every 76 seconds.