Xiaomi claims that the SU7 received over 50,000 firm orders within 27 minutes of starting to take orders.

Chinese smartphone giant Xiaomi has formally jumped into a more crowded industry than expected with the launch of its first electric vehicle (EV) model.

The company rolled out its SU7 electric sedan at a launch event today in Beijing, where it is headquartered, at a price that undercuts Tesla‘s (NASDAQ: TSLA) Model 3, while also offering better features.

Xiaomi is offering three variants of the SU7 — Standard, Pro, and Max — with starting prices of RMB 215,900 ($29,870), RMB 245,900, and RMB 299,900, respectively.

Deliveries of the Xiaomi SU7’s standard and Max versions of the customised car will begin at the end of April and the Pro version at the end of May.