Xiaomi Raises EV Prices Amid Intense China Market Battle

Xiaomi has launched a more expensive version of its electric car, aiming to solidify its position in China's fiercely competitive market. The smartphone maker turned electric vehicle (EV) start-up unveiled an updated SU7 sedan on Wednesday. The new model can travel over 900km (560 miles) on a single charge. Founder and CEO Lei Jun stated the higher-priced variant is designed to demonstrate superior performance. The goal is to sustain strong sales momentum. Xiaomi has become one of Tesla's most significant challengers in mainland China since entering the EV sector last year. The move comes as competition among electric car makers intensifies.