Xiaomi’s entry into the electric vehicle (EV) market has sparked significant interest, with customers potentially facing wait times of four to seven months for its first-ever EV, the Speed Ultra 7 (SU7), according to Reuters. The company’s car app advised potential buyers about the extended wait periods, indicating strong demand for the new sedan. Xiaomi launched its SU7 line of EVs at a grand event in Beijing, receiving over 88,000 pre-orders within 24 hours. Despite the promising demand, Xiaomi enters the EV market amidst declining sales and stiff competition in China, with leading companies like Tesla and BYD engaging in price wars. Positioned at the upper end of the Chinese auto market, Xiaomi aims to leverage its smartphone expertise to design smart dashboards for its EVs. With ample cash reserves and technological prowess, Xiaomi stands well-prepared to navigate the challenges of China’s competitive EV landscape.
