Xiaomi EV's factory is ready and deliveries will start as soon as the SU7 is launched, it suggested.
(Image credit: Xiaomi EV)
Xiaomi (HKG: 1810, OTCMKTS: XIACY) has announced the start time of the official launch event for its first electric vehicle (EV) model, the SU7, as the first stores begin to show the model to the public.
The SU7's launch event will begin at 7 pm Beijing Time on Thursday, March 28, Xiaomi's car-making arm, Xiaomi EV, announced today on Weibo.
Xiaomi EV's factory is ready and deliveries will begin as soon as the SU7 is launched, it said on Weibo, adding that the volume will ramp up quickly.
The Weibo post is vague about deliveries, and it's not clear if the SU7 will start delivering on launch day, or if it will start delivering a few days after launch.
Xiaomi Group president Lu Weibing said in a Weibo post earlier today that the SU7's show cars are already available at the first 60 stores located in 29 cities.
Xiaomi officially announced its entry into car building on March 30, 2021 and debuted the SU7 electric sedan on its December 28, 2023.
Pricing for the model has yet to be announced, but according to local media reports, Xiaomi's management has priced the model significantly lower than what was expected last year amid the ongoing price war in China's EV industry.
Xiaomi had confirmed the pricing of the SU7, which has been cut by RMB 30,000 ($4,170) to RMB 50,000 from last year's expectations, local media outlet Baobian News said in a March 19 report.
Pricing for the Xiaomi SU7 is likely to start at RMB 266,000 for the standard version and RMB 336,000 for the top-trim version, the report said, adding that the price may be further adjusted ahead of the launch.
Xiaomi's first model is a sedan, a choice that has sparked quite a bit of discussion, unlike many of the other new local car makers that first launch SUV (sport utility vehicle) models.
Other EV makers, including Nio (NYSE: NIO), Li Auto (NASDAQ: LI) and Xpeng (NYSE: XPEV), have all started out with SUVs to appeal to local consumers' preference for more space. Currently Nio and Xpeng's models are mainly SUVs, while Li Auto's models are all SUVs.
In a Weibo video yesterday evening, Xiaomi founder, chairman and CEO Lei Jun explained the thinking behind the choice.
Cars are for driving, and sedans have a better driving experience and are more suitable for one person to drive on a daily basis, as well as for a two-person family and other small families, said Lei.
The sedan market is in very high demand, totaling about the same amount as SUVs, Lei noted.
It's very difficult to build a good pure-electric sedan, and there aren't many good pure-electric sedans on the market today, he said.
($1 = RMB 7.1969)
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