Xiaomi’s CEO said that his firm’s first electric vehicle aims to be the “best looking, easiest to drive and smartest car” priced below 500,000 yuan ($69,424), as the Chinese electronics maker gears up for orders this week.

The company will reveal the official price range and start accepting orders for its SU7 car on Thursday evening. This car, also known as Speed Ultra 7, has been generating a lot of excitement since Xiaomi introduced it in December.

CEO Lei Jun’s announcement on his Weibo account is the first time the company has confirmed the upper end of the price range.

There’s been a lot of anticipation for this car ever since Xiaomi announced its goal to become one of the world’s top five automakers.

Lei Jun has praised its technology, claiming it can offer better acceleration than Tesla cars and Porsche’s electric vehicles.

On Monday, seventy-six Xiaomi stores across 29 Chinese cities began showcasing the car. Prospective customers and car enthusiasts gathered at a central Beijing showroom to check out the different versions, including the “ocean blue” model. Additionally, the company released its “Xiaomi Car” app on Chinese app stores.

People like Jim Yan, who admire the SU7’s design aimed at reducing drag, were among those eager to see the car in person.

“Whether it’s Xiaomi’s phones or Xiaomi’s cars, their design is very original,” said Yan, 28, who works in the legal industry.

For Yan, and many consumers of Xiaomi’s cheaper phones and home electronics, the brand has gained a reputation of providing good value.

“In my mind, Xiaomi’s pricing is at most mid-range. If the price is too high, especially since this is their first car, I think it remains to be tested by the market,” Yan said.

The SU7 will be available in two versions: one can travel up to 668km on a single charge, while the other has a range of up to 800km. Comparatively, Tesla’s Model S can travel up to 650km on a single charge.

Xiaomi, China’s fifth-largest smartphone maker, is moving into electric vehicles (EVs) as smartphone demand slows down. This shift was first mentioned in 2021. Other Chinese tech companies like Huawei and Baidu have also partnered with automakers to develop EVs.

Xiaomi plans to invest $10 billion in the auto industry over the next decade. It’s one of the few new players in China’s EV market to receive approval from authorities, who have been cautious due to oversupply issues.

The cars are being manufactured by a unit of the state-owned BAIC Group in a Beijing factory capable of producing 200,000 vehicles annually.