Smartphone maker Xiaomi scores a hit with first EV, sells out for the year in 24 hours

Xiaomi is definitely not regretting its decision to branch into EV manufacturing, as the company’s initial offering sold out the first year of production in under 24 hours.

Xiaomi, the phone maker turned EV-maker, revealed its first car ever, the SU7, last year, and the response by buyers has been massive. The Chinese company revealed that all pre-order slots were snapped up despite having no history of making cars.

Preorders for the Tesla Model 3 competitor exceeded 50,000 in just 27 minutes, with the figure jumping to nearly 90,000 before the end of the day. As a result, customers may have to wait for up to seven months after making a 5,000 yuan ($850) deposit to take deliveries of their orders.

The Xiaomi SU7 starts at 215,000 yuan (C$40,300/US$29,900) with the Standard trim while the Pro trim will set buyers back by 245,000 yuan (C$45,900/US/$33,900). The most expensive trim is the Max, costing 299,900 yuan (C$56,200/US$41,500).

Xiaomi plans to start making deliveries this month with the first two trims, with delivery times already extending to 21 weeks. However, orders for the Max will see the longest wait times, with some already stretching into next year.

The Xiaomi SU7 offers both rear-drive and all-drive configurations depending on the trim. It is powered by electric motors designed by Xiaomi and batteries procured from CATL or BYD. It offers up to 515 miles of driving range based on CLTC estimation.

Even though the SU7 is about $4,000 less expensive than the Tesla Model 3 in China, it offers longer driving ranges with more tech, with integration with its other electronic products.

Are you buying a Tesla? If you enjoy our content and we helped in your decision, use our referral link to get a three month trial of Full Self-Driving (FSD).
Previous Article

Manitoba introduces $4,000 EV rebate program

Next Article

Ford’s Price Cuts on Mustang Mach-E Spark Sales Surge

You might be interested in …