Tesla has new competition with a Chinese EV priced lower than Model 3

Tesla is getting some more EV competition in China.It is coming from Xiaomi, a Chinese consumer electronics company that officially introduced its electric SU7 sedan during a Thursday event involving co-founder Lei Jun, Barron’s reported.The cheapest model of the SU7 has a price tag that equates to roughly $30,000, according to the outlet.Xiaomi is reportedly working with Beijing Automotive Group Co. on its manufacturing.CLICK HERE TO READ MORE ON FOX BUSINESSThe vehicle is expected to vie