With over 75,000 lock-in orders, Xiaomi’s Electric Car SU7 takes China by storm.
Xiaomi, the Chinese tech giant best known for its affordable smartphones and home appliances, has made a splash in the electric vehicle market with its first car, the SU7. Lei Jun, the company’s founder and CEO, couldn’t contain his excitement as he shared the incredible response the car has received since its launch in late March.
Impressive sales figures in just 28 days
In a post on X (formerly Twitter) on April 24th, Lei Jun revealed that the Xiaomi SU7 had already secured a staggering 75,723 lock-in orders, with over 5,000 new orders placed in the past four days alone. Even more impressively, the company has delivered 5,781 units within just 28 days of the car’s launch.
While it feels like a long time, it’s actually only been 28 days since we launched Xiaomi SU7 in the domestic market.
This morning at the Beijing Auto Show, I was thrilled to share some exciting progress. As of April 24th, we’ve secured 75,723 lock-in orders. Over 5,000 new… pic.twitter.com/8wAUone7hA
— Lei Jun (@leijun) April 25, 2024
Lock-in orders are those in which buyers have made non-refundable deposits, demonstrating a strong commitment to purchasing the vehicle. These numbers are particularly remarkable considering the SU7 has only been available in the Chinese market for less than a month.
Attention-Grabbing Design and Pricing
The Xiaomi SU7 has turned heads with its sleek design, which draws inspiration from Porsche. But what really sets it apart in the crowded Chinese EV market is its jaw-dropping price tag. The base model of the SU7 comes in at under $30,000, undercutting the base model of Tesla’s Model 3 in China by $4,000.
Ambitious delivery targets and market focus
Lei Jun has set an ambitious target of delivering more than 100,000 SU7 units in 2024. During an investor conference on April 23rd, he also stated that Xiaomi intends to keep its automotive business “100 percent focused” on the Chinese market for the next three years.
Early deliveries and multiple trim options
To meet the high demand, Xiaomi brought forward deliveries of the standard and Max versions of the SU7 to April 18th, 12 days ahead of the initial schedule. The company also plans to start deliveries of the Pro models by the end of May, offering customers a range of options to suit their preferences.
Positive Reception Despite the intense scrutiny
Lei Jun acknowledged that the Xiaomi SU7 would face intense scrutiny upon its launch, with people closely examining it for any potential issues. However, he expressed his pride in how well the car has been received, stating, “I’m glad the Xiaomi SU7 has been very well received. I couldn’t be prouder.”
Investing in new businesses
Despite expecting to lose money on the SU7, Xiaomi remains committed to investing in its automotive unit and other new businesses. Lei Jun revealed that the company plans to invest another 11–12 billion yuan (approximately $1.6–1.7 billion) this year in ventures such as the automotive unit and the operating mobile system for its phones.
The success of the Xiaomi SU7 in such a short period is a testament to the company’s ability to diversify its offerings and make a significant impact in new markets. As Xiaomi continues to innovate and expand, it will be exciting to see how the SU7 and future automotive projects shape the electric vehicle landscape in China and beyond.
The Information is Taken from Business Today and The Economic Times
