Xiaomi Receives Over 100,000 Orders for Electric Vehicle SU7

Xiaomi, the renowned Chinese smartphone manufacturer, has embarked on its journey into the automotive industry with the launch of its first electric vehicle, the SU7. 

As deliveries commence, Xiaomi reveals an overwhelming response with over 100,000 orders received for the sporty electric sedan.

Xiaomi CEO Statement on SU7:

Lei Jun, CEO and founder of Xiaomi, expressed his excitement during a ceremony in Beijing marking the commencement of the SU7 deliveries. He proclaimed the debut of Xiaomi’s car as the initiation of a significant revolution in smart vehicles, drawing parallels with industry giant Tesla.

Xiaomi kickstarts its automotive venture with the delivery of the “Founder’s Edition” SU7, a limited batch comprising 5,000 units. These vehicles, equipped with additional accessories, cater to early adopters and signify the beginning of Xiaomi’s foray into the electric vehicle market.

Demand and Market Response of SU7:

The SU7 launch garners substantial interest, leading to a surge in Xiaomi’s shares by as much as 16% on Tuesday. Despite projections of losses per car in the initial phase, Xiaomi’s stock valuation surpasses that of traditional U.S. automakers General Motors and Ford, reflecting investor confidence in its automotive endeavors.

Xiaomi’s entry into the competitive Chinese electric vehicle market is marked by the SU7’s attention-grabbing price tag, priced below $30,000 for the base model. 

This positions the SU7 as a formidable competitor to Tesla’s Model 3 in China, offering affordability without compromising on features.

Strategic Advantage and Expertise:

Analysts highlight Xiaomi’s advantageous position in the EV market, attributing its success to deeper financial resources and expertise derived from its smartphone business. 

Xiaomi’s proficiency in smart dashboards, a coveted feature among Chinese consumers, further enhances its competitive edge in the automotive sector.

The launch of the SU7 signifies the realization of Lei’s ambitious vision, announced in 2021, to venture into the electric vehicle industry. 

With a pledge of $10 billion investment in the auto business, Lei positions Xiaomi’s automotive venture as a pivotal entrepreneurial pursuit, leveraging the company’s established reputation and resources.