Xiaomi CEO Lei Jun said that the company will sell the Xiaomi SU7 electric car for 215,900 yuan (about $30 thousand), reports CNBC.

Jun also confirmed that such a price would mean that the company would sell the car at a loss. The reason for this price is the very high competitiveness of the electric car market in China.

This price is lower than that of the Tesla Model 3, which costs 245,900 yuan (about $34,000) in China. At the same time, Jun claims that the SU7 outperforms the Model 3 in more than 90% of specifications, except for two aspects in which Xiaomi may need at least three to five years to catch up with Tesla.

Comparing the SU7 to the Model 3, June also said that Xiaomi’s electric car has a minimum range of 700 kilometers, while Tesla’s is 606 kilometers.

The CEO also said that in the first 27 minutes of sales, Xiaomi SU7 was ordered more than 50 thousand times. The first cars are to be delivered at the end of April.

As a reminder, Xiaomi SU7 was presented at the end of last year. At that time, the company expressed its desire to become the world’s leading car manufacturer in 15-20 years and compete with Tesla and Porsche.