The Xiaomi SU7, an electric sedan meant to match Tesla's Model 3, drew almost 90,000 pre-orders within a day
It can be hard for any company — especially automakers — to design, build, and produce an electric car that customers are interested in. But Xiaomi is off to a promising start with its new SU7, an electric sedan primed to compete with Tesla $TSLA’s Model 3 and Porsche’s electric Taycan.
After unveiling the SU7's price and specifications Thursday at a launch event in Beijing, the Chinese company — primarily known for its smartphones and consumer gadgets — began taking orders. Within 24 hours, Xiaomi said it hit 88,898 pre-orders, Reuters reports.
The rush of orders for the SU7 likely comes down to its price and technology that allow it to perform better than the Model 3. The electric vehicle starts at 215,900 yuan ($29,900), while more expensive trims can reach up to 299,900 yuan ($41,496). But as Xiaomi CEO Lei Jun acknowledged last week, the company will be selling each car at a loss.
The base SU7 is benchmarked against the Model 3, while the top-performance trim — the SU7 Max — rivals the Taycan EV. Lei said the SU7 outperforms Tesla’s electric compact in all but two areas; the SU7 also costs about $4,000 cheaper than the 245,900 yuan ($34,020) Model 3 in China.
Xiaomi said last week it expects to start delivering the model by the end of April, although many customers will likely have to wait longer.
Deliveries for the standard SU7 and SU7 Pro may take between 18 and 21 weeks, while deliveries for the SU7 Max could take between 27 and 30 weeks, Reuters reports. In other words, some customers may be stuck waiting for their new electric car for more than seven months.
As part of its campaign to boost sales, Xiaomi also released two special versions of the SU7, the “founder’s editions,” which include complimentary gifts like a built-in fridge.
Xiaomi on Sunday said it identified “some abnormal orders and scalper orders” for the founder’s addition. The company also announced a second round of “surprise sales” that require a 20,000 yuan ($2,766) deposit, according to a post on Chinese social media platform Weibo.
With the SU7, Beijing-based Xiaomi is the latest company to get involved in China’s hyper-competitive EV market and an ongoing price war populated by strong competitors, including BYD and Tesla. On Monday, Tesla raised prices along its entire Model Y lineup in China.
Aito, a Huawei-backed EV maker, Monday offered discounts of up to $20,000 yuan on its M7 SUVs until the end of April. Xpeng has also started offering subsidies of up to 20,000 yuan on its G9 electric SUV, while Chery said it would offer tax breaks, trade-in subsidies, and discounts on some of its gas-powered models.
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