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Chinese smartphone maker Xiaomi Corporation (OTC:XIACY) has reportedly secured 75,723 orders for its SU7 electric sedan as of April 24, aiming to deliver over 10,000 units in June.
The delivery target, revealed during an event at the Beijing auto show, sets a record for an electric vehicle (EV) startup, reported Reuters.
The locked-in orders, representing those with non-refundable deposits, have accumulated within a month of the SU7’s late March launch, the report added.
Xiaomi eyes over 100,000 SU7 deliveries in 2024, with a commitment to keep its automotive business exclusively focused on the Chinese market for the next three years.
Also Read: Xiaomi’s Entry To An Already Crowded EV Market Could Make Things Even Worse For Tesla
The report further noted the company expedited deliveries of the standard and Max versions of the SU7 to April 18, 12 days ahead of schedule. Plans for Pro model deliveries are set for late May.
The SU7’s debut, borrowing design elements from Porsche, ignites a price competition in China’s EV market, undercutting Tesla Inc’s (NASDAQ:TSLA) Model 3 pricing.
Why It Matters: Xiaomi, established in 2010, has built a reputation for high-quality, reasonably priced smartphones. With the SU7, the company aims to replicate this success in the EV industry.
The entire range of the vehicle is expected to be priced between RMB 250,000 ($35,230) and RMB 370,000.
Price Action: XIACY shares closed higher by 2.02% at $10.60 on Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
