China's Tesla killer? Smartphone maker Xiaomi unveils $56,000 electric vehicle with up to a 500-mile range - and predicts it will overtake Elon Musk's company

China's Xiaomi announced its first electric vehicle Thursday, predicting it is the first step toward overtaking Tesla. The SU7 will have a range of up to 500 miles, and it will compete for customers with the Tesla Model S, which has a range of 320 to 410 miles. The Chinese-made vehicle will also feature self-driving, an entertainment system that is fully compatible with Xiaomi's smartphones, and blistering acceleration that will take it from 0 to 62 miles per hour in 2.78 seconds. Pricing has yet to be announced, but CEO and co-founder Lei Jun said at the unveiling that it could be anywhere between $14,000 and $56,000 - the Model S starts at $74,990. With this move, the smartphone maker joins the ranks of other electronics companies like Apple and Foxconn that have been trying to break into the transportation business.