Xiaomi jots down 50,000 orders in 30 minutes in maiden EV’s launch

The Xiaomi SU7 / Photo credit: Xiaomi

Chinese tech major Xiaomi has officially joined the EV race with its maiden model, the SU7, extending its product reach beyond smartphones and electronics,

The SU7 is available in three versions: SU7, SU7 Pro, and SU7 Max, with the base model coming in at 215,900 yuan (about US$29,880), the South China Morning Post reported. This pricing would put Xiaomi in direct competition with other Chinese EV makers like BYD, Nio, and Xpeng, as well as with Elon Musk-led Tesla.

Almost 50,000 SU7 models were bought in the first half hour of its release. The launch was also livestreamed, bringing in over 10,000 pre-orders within four minutes.

At the launch, Xiaomi CEO Lei Jun likened the SU7 to Tesla’s Model 3, saying that nearly 90% of the SU7’s features outperform the Model 3 while coming in at a lower price.

China’s EV market is a battlefield not just for Xiaomi and Tesla, but also for local manufacturers. For instance, BYD has marked down prices for over 100 models, while Xpeng has discounted its best-selling G6 electric SUV.

Despite the slow rate of EV sales in China, possibly due to a gradual withdrawal of government handouts, the country’s EV and plug-in hybrid market has been persistently growing. The market is expected to increase by 22% year on year in 2024, reaching 11 million vehicles.

In Southeast Asia, meanwhile, EV sales are projected to land between US$80 billion and US$100 billion by 2035 from roughly 8.5 million unit sales, according to estimates from EY. However, it remains unknown if Xiaomi will be bringing its EV offerings to the region.

Some of the Chinese companies already vying for market share in Southeast Asia include BYD and Wuling. Tesla has also expressed its focus on the region as a priority market.

See also: These are the most active investors in China’s startups

Currency converted from Chinese yuan to US dollar: US$1 = 7.23 yuan.