China’s Xiaomi has cautioned potential buyers of its SU7 electric sedan that they may have to wait four to seven months due to overwhelming demand for the company’s first vehicle.
China’s Xiaomi (1810.HK) has warned potential purchasers of its SU7 electric sedan that they may have to wait four to seven months, indicating high demand for the company’s first vehicle.
Xiaomi, the manufacturer of smartphones and other consumer devices, began accepting purchases on Thursday, with pre-sales totaling 88,898 in the first 24 hours.
According to the checks on Xiaomi’s auto app, deliveries for the regular SU7 model, which costs 215,900 yuan ($29,870), might take 18–21 weeks.
The delivery time for the SU7 Pro model might be 18–21 weeks, while the most costly model, priced at 299,900 yuan, could take 27–30 weeks.
The SU7, whose design has attracted similarities to Porsche’s Taycan and Panamera sports cars, has been introduced amid a price war in the world’s largest auto market, where more than 40 companies compete for consumer attention.
On Monday, Huawei-backed Aito provided discounts of up to 20,000 yuan on its new M7 SUVs till the end of April, while Xpeng (9868.HK) offers subsidies of up to 20,000 yuan on its flagship electric SUV G9 for a limited time.
In addition, Chery (CHERY.UL) announced tax exemptions, trade-in subsidies, and cash discounts on several of its best-selling gasoline-powered vehicles.
While the market is difficult for newcomers, analysts have remarked that Xiaomi has larger pockets than many EV startups, and its smartphone experience provides the business with an advantage in smart dashboards, a characteristic that Chinese consumers value.
As part of the sales launch campaign, Xiaomi also released two special variants of the car known as “Founder’s Edition” that include complimentary goodies such as refrigerators. The first 5,000 of these vehicles sold out quickly.
A second round of Founder’s Edition sales has commenced; however, it is unclear how many will be sold.
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