Recently, Xiaomi started selling its first electric car, the SU7, for just over $30,000. The Chinese company planned to begin delivering the electric vehicle by the end of April. However, interested buyers will have to wait significantly longer - up to 7 months. This is due to the huge demand for the novelty.
Within the first 24 hours after the start of sales, the number of pre-orders for the Xiaomi SU7 electric car reached 88,898. Therefore, the company informed potential buyers that the waiting time for its sedan could be from 4 to 7 months. This information was published in the Xiaomi car application.
Although delays may be a promising sign of high demand for the SU7, Xiaomi entered the electric car market at a not-so-good time. The electric vehicle market as a whole is stagnating, and the company faces tough competition in China. Leading electric vehicle manufacturers, including Tesla and BYD, are lowering prices to attract consumer attention.
Xiaomi is forced to resort to dumping to encourage consumers to buy its electric car. The standard version of the Xiaomi SU7 costs 215,900 yuan, which is about $30,000. This is approximately 30,000 yuan (about $4,000) less than the Tesla Model 3 in China. The SU7 Pro version costs 245,900 yuan, or about $34,000, and the Max version - 299,900 yuan, which is approximately $41,500.
Analysts believe that Xiaomi may benefit from its experience in working with smartphones, as this could help the company develop smart informational panels. Moreover, it has more money reserves than smaller electric car production startups.
Source: businessinsider
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