Xiaomi will introduce its third electric vehicle model destined to compete in the Chinese mainstream market at an expected price tag of RMB 150,?? ??? ??000 ($20,610) in 2026, multiple local media outlets have reported. The sports utility vehicle will be an extended-range hybrid, or EREV, and could be produced at an existing plant currently owned by Chinese state-owned automaker Dongfeng Motor, the reports said. The company’s third model is expected to help Xiaomi expand its appeal to different market segments, as the smartphone giant currently has only one model, the SU7, and the high-performance version of the sedan on offer. The company is also aiming to launch its second model next spring, a mainstream luxury crossover said to compete with Tesla’s Model Y at a lower price. [Wallstreetcn, in Chinese]