China’s Xiaomi has suggested that potential buyers of its SU7 electric sedan could face a wait of four to seven months, signaling strong demand for its first car.
The maker of smartphones and other consumer electronics started taking orders on Thursday and said it had taken 88,898 pre-orders in the first 24 hours.
According to a Reuters investigation into Xiaomi’s car app, delivery time for the standard SU7 model is CNY 215,900 ($29,870, approximately Rs. 24,89,900) and may take 18 to 21 weeks.
Delivery of the SU7 Pro model may take 18-21 weeks, while the most expensive model, priced at CNY 299,900 (approximately Rs. 34,58,709), may take 27-30 weeks.
The SU7, whose design has been compared to Porsche’s Taycan and Panamera sports car models, comes amid a fierce price war in the world’s largest car market, where more than 40 brands compete for consumers’ attention.
Huawei-backed Aito on Monday offered discounts of up to 20,000 yuan (roughly Rs. 2.30 lakh) on its new M7 SUV until the end of April, while Xpeng Motors is also offering a limited-time subsidy of up to 20,000 yuan on its flagship electric SUV G9.
In addition, Chery also announced that it will provide tax breaks, trade-in subsidies and cash discounts for some of its best-selling gasoline engine vehicles.
While the market is challenging for newcomers, analysts note that Xiaomi has deeper pockets than many EV startups and its expertise in smartphones gives the company an advantage in smart dashboards, a feature valued by Chinese consumers.
As part of the promotion, Xiaomi also released two special versions of its cars called “Founders Edition” that come with freebies such as refrigerators. The first 5,000 cars were sold immediately.
A second round of Founder’s Edition sales has begun, but it’s unclear how many will be sold.
© Thomson Reuters 2024
