China's latest EV is a 'connected' car from smart appliance maker Xiaomi

Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country’s booming but crowded market for electric cars. The tech company will start taking orders for its SU7, a sporty four-door sedan, following a launch event on Thursday. Analysts think it will be priced in the 300,000 yuan ($40,000) range. Government subsides have helped make China the world’s largest market for electric vehicles and a bevy of new makers are locked in fierce competition. Xiaomi aims to capitalize on its smart technology by connecting its cars with its smartphones and home appliances.