Chinese tech giant Xiaomi unveiled its first foray into the electric vehicle market today with the Xiaomi SU7, a sleek new sedan it claims can outrun a Porsche and packs more tech than a Tesla.

The company, best known for its affordable smartphones, is now setting its sights on the EV crown currently held by Elon Musk‘s Tesla. Two versions will be offered: the dual-motor all-wheel-drive SU7 Max and the single-motor rear-wheel-drive SU7.

Xiaomi boasted the range-topping SU7 Max can rocket from 0-100km/h in just 2.78 seconds, faster than Tesla’s Model S and the Porsche Taycan Turbo. This is thanks to a generous 101kWh battery pack co-developed with CATL and Xiaomi’s 21,000rpm HyperEngine electric motors. The SU7 Max claims an impressive 497-mile range (800km).

Xiaomi has hired several industry veterans to realize its auto ambitions, including BMW iX designer Tianyuan Li and Mercedes-Benz Vision EQXX designer James Qiu. Legendary BMW designer Chris Bangle even serves as a design consultant.

Roughly the size of a BMW 5 Series, the shapely sedan comes in three colors — Bay Blue, Elegant Gray and Olive Green — and offers ample interior space thanks to its long wheelbase. Interior touches include mesmerizing “water droplet” headlamps, a 16.1-inch central touchscreen display, and a 23-speaker Dolby Atmos sound system.

Powering the futuristic infotainment system is a Qualcomm Snapdragon 8295 chip, while passengers can wirelessly cast smartphone content on the fly. The SUV even supports mounting Xiaomi tablets on the front headrests.

On the autonomous driving front, Xiaomi has equipped the car with NVIDIA Orin processors and a roof-mounted LiDAR sensor to deliver advanced self-driving capabilities. Video demos showed the SU7 effortlessly navigating traffic and even self-parking in tight spaces.

And that’s just the beginning, according to Xiaomi founder Lei Jun. His engineers are already testing a next-gen 35,000rpm electric motor for implementation by 2025. More batteries and software updates will further improve range and performance after launch.

While pricing and availability details remain unclear, Jun confirmed the SU7 will carry a premium price tag when it eventually launches in China. Global launch plans are still in the air, but Xiaomi is gearing up to take on Tesla in its home market and beyond.