Xiaomi’s first vehicle will be either a sedan or an SUV costing between 100,000 yuan and 300,000 yuan (US$15,300 to US$45,900), said the Chinese smartphone giant’s co-founder and CEO Lei Jun on Tuesday, shedding light on the new Tesla challenger’s multibillion-dollar venture into electric vehicles (EV). 

Lei revealed the details during a live-streamed video session on Douyin, the Chinese sibling app of TikTok, to promote Xiaomi products, which came a week after he announced the company’s foray into smart cars.