Xiaomi SU7 Orders Surge, Deliveries Begin
Xiaomi's first car, the SU7, has garnered significant interest in the Chinese market, with over 75,000 lock-in orders secured as of April 24th. This translates to over 5,000 new orders placed in just four days.
"While it feels like a long time, it's actually only been 28 days since we launched Xiaomi SU7 in the domestic market," said Lei Jun, Founder and CEO of Xiaomi, in a statement. "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 orders have been placed in the past four days. Even more impressive is that we've delivered 5,781 units within just 28 days!"
Lock-in orders refer to those where buyers have opted for non-refundable deposits, indicating strong early demand for the SU7. This comes less than one month after the launch of Xiaomi's first car in late March.
The SU7, priced under $30,000 for the base model, enters a crowded China EV market with an attractive price point. This undercuts the base model of Tesla's Model 3 in China by $4,000.
Xiaomi aims to deliver over 10,000 units of the SU7 in June and targets more than 100,000 deliveries for the year 2024. The company intends to keep its automotive business "100 percent focused" on the Chinese market for the next three years.
Deliveries of the standard and Max versions of the SU7 commenced on April 18th, 12 days earlier than initially planned. Deliveries of Pro models are expected to begin by the end of May.
"I knew Xiaomi SU7 would face intense scrutiny. As expected, after its launch, people were examining it closely for any potential issues. But I'm glad Xiaomi SU7 has been very well-received. I couldn't be prouder," Jun wrote.
Despite the positive reception, Xiaomi expects to lose money on the SU7. The company plans to invest another 11-12 billion yuan this year in new businesses, including the automotive unit and the operating mobile system for its phones.