(Yicai) Jan. 30 -- Xiaomi Automobile, the electric vehicle unit of Chinese handset giant Xiaomi, rebutted a media report that its first model, the mid-level five-seat Xiaomi SU7 sedan, will cost around CNY361,400 (USD51,000) apiece.

The reported pricing was just a test price for insurance purposes, Wang Hua, head of public relations at Beijing-based Xiaomi, said on Weibo today. 

According to a media report earlier in the day, a big insurer confirmed that Xiaomi Auto has priced the SU7's deluxe version at CNY361,400. The EV will use Contemporary Amperex Technology's ternary lithium battery and will have a maximum speed of 265 kilometers per hour, it said.

Xiaomi Auto was recently internally testing the SU7's entire sales and delivery process, including getting license plates and buying insurance for the model, Wang noted. Getting insurance requires pricing, which was just for internal purposes, he added.  

Automakers need an authentic invoice when registering their new cars, but the pricing on the invoices is irrelevant to the final market price. 

Xiaomi Auto unveiled the SU7 during a launch event in Beijing on Dec. 28. The model has faster acceleration than Porsche's Taycan Turbo and Tesla's Model S, Xiaomi founder and Chief Executive Lei Jun said at the three-hour event, noting that the car is being produced in small batches and will come onto the market in a few months. He did not disclose the price.

Given the battery and performance, the vehicle is expected to cost more than the market prediction of CNY99,000 or CNY149,000 (USD14,000 or USD21,000). The price of the SU7 has not been finalized, and while it may be a bit expensive, the experience will exceed everyone's expectations, Lei said on Weibo on Dec. 27. 

Xiaomi Auto also denied the possibility of launching cars under its sub-brand Redmi.

Editor: Martin Kadiev