Xiaomi's SU7 electric vehicle receives 88,898 pre-orders in 24 hours

China’s Xiaomi, known for its smartphones and consumer electronics, has entered the electric vehicle (EV) market with its SU7 electric sedan, and the response has been overwhelming. The company has informed potential buyers that they could face waits of four to seven months for delivery, indicating robust demand for its first-ever vehicle.

Pre-orders for the SU7 soared to 88,898 within the first 24 hours of availability, reflecting the high level of interest in Xiaomi’s entry into the EV market. Deliveries for the standard SU7 model, priced at 215,900 yuan ($29,870), are expected to take 18-21 weeks, as reported by Reuters after checking Xiaomi’s car app. The higher-end SU7 Pro model could take a similar amount of time for delivery, while the most expensive model, priced at 299,900 yuan, may take 27-30 weeks to reach customers.

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The SU7 has garnered attention for its design, which has drawn comparisons with Porsche’s Taycan and Panamera sports car models. Its launch comes amid intense competition in China’s auto market, where over 40 brands are competing for consumers’ attention.

In response to Xiaomi’s entry into the EV market, other companies have also made aggressive moves. Huawei-backed Aito is offering discounts of up to 20,000 yuan on its new M7 SUVs until the end of April, while Xpeng is providing subsidies of up to 20,000 yuan on its flagship electric SUV G9 for a limited time. Additionally, Chery announced tax breaks, trade-in subsidies, and cash discounts on some of its popular gasoline-engine vehicles.

Despite the challenges of entering a competitive market, analysts believe Xiaomi has an advantage due to its financial strength and expertise in smartphones, which can translate into advanced smart dashboard features that Chinese consumers value. The success of Xiaomi’s entry into the EV market highlights the growing demand for electric vehicles in China and the competitive landscape that companies must navigate to succeed.