CHINA'S LATEST EV IS A 'CONNECTED' CAR FROM SMART PHONE AND ELECTRONICS MAKER XIAOMI

Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country's booming but crowded market for electric cars.

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The tech company start taking orders for the SU7, a sporty four-door sedan, after a launch event with founder Lei Jun in Beijing. Analysts think it will be priced in the 300,000 yuan ($40,000) range.

Government subsides have helped make China the world's largest market for electric vehicles, and a bevy of new makers are locked in fierce competition. Most of the industry's sales have been domestic, but Chinese makers are pushing into overseas markets with lower-priced models, posing a potential challenge to European, Japanese and American auto giants.

Lei is not bashful about that challenge, saying at an unveiling of the SU7 in December that Beijing-based Xiaomi aims to become one of the world's top five automakers in the next 15 to 20 years.

"I believe that one day, Xiaomi EVs will be a familiar sight on roads around the world," he was quoted as saying in a company news release.

Xiaomi, founded in 2010, is entering an overcrowded market that analysts expect will undergo a shakeout in coming years, with weaker startups falling by the wayside.