Chinese smartphone manufacturer Xiaomi has announced a triumphant start in the nation’s competitive electric vehicle (EV) industry, revealing more than 70,000 pre-orders for its SU7 sedan in the initial month following its formal introduction. In the thick of a fierce price war among China’s EV manufacturers, Xiaomi’s founder and CEO, Lei Jun, stated on Tuesday that the SU7, short for Speed Ultra, has gained popularity and is rapidly approaching its sales target of 100,000 units for this year. Xiaomi’s electric sedan is available in three variants; the basic model is priced at 215,900 yuan (US$29,867), the premium SU7 Pro retails for 245,900 yuan, and the SU7 Max, the series’ most powerful model, costs 299,900 yuan. According to data gathered by the China Passenger Car Association, retail sales of new energy vehicles in China totaled 1.76 million units in the first quarter of this year, marking a 31% decline from the December quarter but a 34% increase from the same period last year. Xiaomi’s stock increased by 2.65% to HK$16.24 in Hong Kong on Tuesday. Xiaomi commenced deliveries of its limited batch of 5,000 vehicles on April 3, which were known as the founder version and came with extra accessories. It started delivering the standard SU7 and SU7 Max models in Beijing and Shenzhen on Thursday, with the first delivery of the Pro version set for the end of May. Lei stated that Xiaomi had moved up the delivery dates for its standard and Max models by 12 days and emphasized that the company had no ambitions to produce off-road vehicles and would instead focus primarily on the SU7.
Xiaomi’s SU7 Electric Sedan Surges in Popularity, Garnering 70,000 Orders
