Xiaomi’s SU7 Sedan Sees 4-7 Month Waitlist Amid Soaring Demand

Key Takeaways

  • Xiaomi's SU7 electric sedan garners nearly 89,000 pre-orders, indicating strong market demand and extended delivery times.
  • The high demand for the SU7, with delivery wait times up to 30 weeks, underscores Xiaomi's impactful entry into the competitive EV market.
  • Xiaomi's strategic "Founder's Edition" SU7 sells out immediately, showcasing the company's innovative marketing and the EV's market appeal.

Xiaomi has announced extended delivery times for its newly launched electric sedan, the SU7.

The move indicates strong consumer interest in the company’s first foray into the electric vehicle (EV) market. Following the start of the pre-orders, the technology firm reported an overwhelming response, with nearly 89,000 reservations made in the first 24 hours.

The introduction of the SU7 came at a time when China’s largest global auto market was highly competitive. Numerous brands are jockeying for consumer attention amidst aggressive pricing strategies.

Notably, the SU7’s design has drawn comparisons to Porsche’s premium sports cars, signaling Xiaomi’s high ambitions in the EV space.

Xiaomi Prolongates Delivery Timelines

According to Xiaomi’s car application, which Reuters checked, potential buyers of the standard SU7 model could face waiting times ranging from 18 to 21 weeks. This model costs approximately 215,900 yuan ($29,870). It beats the starting price of Tesla’s introductory Model in China, at 245,900 yuan ($34,603).

Those opting for the SU7 Pro and the luxury version, priced at 299,900 yuan ($41,478), might anticipate delivery periods up to 30 weeks. This high demand underscores Xiaomi’s strong entry into the EV market and the consumer excitement surrounding its offerings.

EV market Dynamics

Xiaomi’s launch occurs amidst a fierce price war among more than 40 auto brands in China. Recent developments have seen Huawei-backed Aito and Xpeng offer substantial discounts on their vehicles.

Chery also joined the fray with various incentives on its gasoline-engine models. Despite these challenges, Xiaomi’s considerable resources and expertise in integrating smart technology into its products are viewed as distinct advantages that could set it apart from the competition.

Xiaomi Sales Strategies

In a bid to generate buzz and cement its position in the EV market, Xiaomi introduced a “Founder’s Edition” of the SU7, accompanied by unique gifts like refrigerators for early buyers.

This limited edition sold out immediately upon release, highlighting the strong market enthusiasm for Xiaomi’s EVs. While details on the next round of sales for the Founder’s Edition remain sparse, Xiaomi’s strategic approach to its EV launch demonstrates the company’s innovative marketing tactics and potential impact on the competitive landscape.