China's Xiaomi has experienced overwhelming demand for its first-ever electric vehicle, the SU7 sedan. Potential buyers have been advised that they may face waits of four to seven months for delivery. The company began taking orders recently and received an impressive 88,898 pre-orders in the first 24 hours. It has been reported that deliveries for the standard SU7 model, priced at 215,900 yuan ($29,870), could take 18-21 weeks. The higher-end SU7 Pro model and the most expensive model may even have longer delivery times, ranging from 18-30 weeks.
Xiaomi's entry into the electric vehicle market comes at a time of intense competition in China's auto industry. With over 40 brands vying for consumer attention, price wars and promotional offers have become common strategies to attract buyers. Competitors like Aito and Xpeng have offered significant discounts on their SUV models, while Chery has announced various incentives for gasoline-engine vehicles. Despite the challenging market environment, analysts have highlighted that Xiaomi's strong financial backing and expertise in smartphones could give the company an advantage, especially in terms of smart dashboard technology, which is highly valued by Chinese consumers.
As part of its sales campaign, Xiaomi has introduced special promotions for the SU7 electric sedan. The company has released two exclusive versions of the car called “Founder's Edition,” which come with complimentary gifts like refrigerators. The initial 5,000 units of the Founder's Edition sold out immediately, demonstrating the strong interest in Xiaomi's electric vehicles. A second round of sales for the limited edition models has been launched, although the exact number of units available remains unclear.
Overall, Xiaomi's foray into the electric vehicle market has been met with enthusiasm from consumers, as evidenced by the high number of pre-orders and the long waiting times for delivery. The company's innovative approach to product development and its strategic marketing tactics have positioned it as a key player in China's evolving automotive landscape. As the competition continues to intensify, Xiaomi's ability to meet consumer demands and deliver high-quality electric vehicles will be critical to its long-term success in the market.