Chinese smartphone maker Xiaomi is set to launch its first electric vehicle (EV) and begin taking orders on Thursday.

Its chief executive Lei Jun said this week that the Speed Ultra 7 (SU7) would be priced below 500,000 yuan ($69,186; £54,836).

The move will see the technology giant taking on rivals like Tesla and BYD.

Xiaomi’s entry into the electric car market comes as sales growth has slowed globally, triggering a price war.

The firm is hoping that the SU7’s shared operating system with its phones, laptops and other devices will appeal to existing customers.

Xiaomi is the third-largest seller of smartphones worldwide with a market share of about 12%, according to research firm Counterpoint.

The SU7, which Xiaomi has been teasing since last year, has drawn comparisons to Porsche’s Taycan and Panamera sports car models.

It will be made by a unit of state-owned car manufacturer BAIC Group at a plant in Beijing that can produce as many as 200,000 vehicles a year.

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