Xiaomi has made its name as a purveyor of affordable smartphones, but the firm also makes plenty of other lifestyle products. Now it can add another one to the list. Xiaomi announced an affordable electric bicycle on Thursday.

The Mi QiCYCLE is a compact and foldable electric bike that offers features such as built-in GPS, a Shimano 3-speed shifting system, a 36V 250W motor and a Panasonic 18650 20 x 2900mAh lithium battery that allows you to travel up to about 27 miles per charge. Xiaomi was quick to point out that Tesla uses a similar battery.

The most impressive aspect of the bike is the price, however. Xiaomi said it will start at RMB2,999, which is equivalent to about $455 U.S. dollars. No word if it’ll ever launch here in the U.S., but you can bet your bottom dollar I’ll be in line to get one if it does.