Monday, April 15, 2024

Chinese Smartphone Maker Xiaomi EV’s Got Over 90,000 Orders in First 24 Hours

Xiaomi’s SU7, priced at 215,900 yuan ($29,870) for its base model, is making waves not only for its affordability but also for its sleek design reminiscent of high-end sports cars like Porsche’s Taycan and Panamera.

Though new to the electric vehicle (EV) scene, Xiaomi’s SU7 has quickly caught the eye of consumers in China’s competitive automotive market.

Due to high demand, Xiaomi warns potential buyers of wait times ranging from four to seven months for SU7 deliveries. The standard model may take 18-21 weeks, while the Pro model and pricier variants could take up to 30 weeks.

Xiaomi’s entry into the EV market coincides with stiff competition from established players like Tesla and BYD. However, Xiaomi’s strong financial backing and expertise in consumer electronics, particularly smartphones, give it a unique advantage.

The company’s emphasis on smart features, such as advanced dashboards, resonates with Chinese consumers, further enhancing its appeal.

Moreover, Xiaomi’s SU7 launch has spurred other EV manufacturers to offer competitive deals and discounts to attract consumers. Brands like Aito backed by Huawei and Xpeng are announcing subsidies and discounts on their electric SUV models, while Chery is providing incentives on its gasoline-powered vehicles.

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