Xiaomi Faces EV Delays Amid High Demand

Xiaomi has advised potential buyers of its SU7 electric sedan that wait times could range between four to seven months, indicating strong demand. The launch of the Speed Ultra 7 (SU7) saw pre-orders hitting 88,898 within 24 hours. This comes after Apple's recent exit from the EV market. While the delays may reflect high demand for the SU7, Xiaomi’s entry into the EV market coincides with a downturn in the industry and intense competition in China. Rival EV companies, such as Tesla and BYD, have been engaging in a price war. Xiaomi also aims to capture the upper segment of the Chinese auto market by offering competitive prices. The company's standard SU7 costs 215,900 yuan, which is around $30,000, making it more affordable compared to Tesla's offerings. Analysts suggest that Xiaomi's expertise in smartphones may also advantageously impact its EV design. With robust cash reserves and a smartphone background, Xiaomi is navigating a challenging market.