Chinese smartphone company Xiaomi is entering the fray in the battle over electric vehicles, announcing its first car on March 28. 

The price point for Xiaomi's EV will come in under Tesla's Model 3, according to CNBC. The Model 3 is one of China's most popular green energy sedans, starting at around 245,900 yuan ($34,024). Xiaomi's new SU7 sedan will start at 215,900 yuan, signaling a bid to challenge Tesla's status atop the EV food chain in the country. 

The SU7 will have a minimum driving range of roughly 435 miles, besting the Model 3's 376 miles. Xiaomi says that it had over 50,000 orders for its sedan less than 30 minutes after sales started. 

The EV market in China has proven to be intensely competitive, as the country has become a worldwide leader for electric cars. According to the Harvard Business Review, China's new EV sales accounted for nearly 60% of global EV purchases in 2022. A report from the International Energy Agency also found that over half of all EVs on the road are in China.