Chinese smartphone giant Xiaomi sees robust demand for first EV, even as buyers face delivery wait times of more than 5 months
- Buyers of the standard SU7 model are expected to wait at least 21 weeks for delivery on orders placed as of Tuesday, according to the Xiaomi Car app
- Xiaomi has locked in an estimated 40,000 orders of the SU7 as of Tuesday
Xiaomi had locked in an estimated 40,000 orders as of Tuesday, according to a report by Chinese media Yicai. Xiaomi said it had nearly 89,000 pre-orders in the first 24 hours of sales last week, but buyers have seven days to cancel.
Once orders are locked in, buyers forfeit their 5,000 yuan deposit. The return rate so far is estimated to be 40 per cent, according to data from Chinese auto media Car Fans.
Xiaomi did not immediately respond to a request for comment on Tuesday.
Shares of Xiaomi surged as much as 16 per cent on Tuesday on the back of domestic consumers’ favourable response to the SU7. The firm posted gains of 8.7 per cent at the close of trading, adding HK$33.4 billion (US$4.3 billion) to its market capitalisation.
Xiaomi plans to churn out about 5,000 units of the SU7 this month, according to Yicai’s report on Tuesday that cited industry sources. On Monday, Xiaomi said it was ramping up production capacity to meet demand and cut delivery wait times.
The entry cost of the SU7 is also about 30,000 yuan below the Model 3’s starting price.