The new Chinese EV that wants to take on Tesla and Porsche is coming this month

• A new Tesla rival debuted in Beijing this week.
• The Chinese smartphone maker Xiaomi designed the SU7 to challenge Tesla and Porsche.
• The EV claims a top range of 500 miles — about 95 miles more than the Tesla Model S, per Xiaomi.

The Chinese smartphone maker Xiaomi is launching a new Tesla fighter later this month, marking yet another competitor for CEO Elon Musk in the critical Chinese electric-vehicle market.