On April 23rd, Xiaomi Group held an investor conference where Xiaomi CEO Lei Jun shared the latest updates on Xiaomi SU7 and addressed many questions from investors.
One investor asked Lei Jun, "We are also very concerned about the developments of SU7's competitors, such as Tesla's recent announcement of price cuts. What is your opinion?"
Lei Jun remarked that Tesla raised prices on April 1st and then slashed them across the board by 14,000 yuan on April 21st. This truly impresses me, both Tesla and Musk.
He remarked, "In the face of a competitive environment, Tesla's incredibly responsive actions are truly admirable. It's not often you see such agility from a multinational corporation with a market capitalization of five or six trillion dollars. Musk is truly an exceptional entrepreneur."
For Xiaomi's automotive sector, Tesla is also considered a friendly competitor. Lei Jun believes that the best way to address competition is not just through price wars but, more importantly, through product strength.
"I believe the Xiaomi SU7 embodies comprehensive product strength, with unique selling points such as sun protection, storage, and ecosystem, which have great appeal to the target customer base," Lei Jun said.
Lei Jun emphasized that enhancing product strength and delivering excellent products to users is, in his opinion, the best competitive strategy.
