- Xiaomi has prepared a batch of ready-to-deliver vehicles in advance to meet consumer demand.
- The upgraded electric sedan, with a starting price of 219,900 yuan, secured over 15,000 locked-in orders within the first 34 minutes of going on sale.
Xiaomi's new-generation SU7 electric sedan will officially begin deliveries on Monday, March 23, Lei Jun, the tech giant's founder, chairman, and CEO, announced on Saturday.
Lei said that the company will livestream the delivery ceremony for the first batch of vehicles at 10:00 am on March 23.
To meet the demands of consumers hoping to own the new-generation SU7 as soon as possible, Xiaomi has prepared a batch of ready-to-deliver vehicles in advance, which can be delivered within 1 to 5 weeks after orders are locked in.
The updated electric sedan was launched on March 19 and garnered over 15,000 locked-in orders within the initial 34 minutes.
Priced from 219,900 yuan ($31,930), Xiaomi is attempting to further challenge Tesla in the world's largest EV market.
This official starting price is only 4,000 yuan higher than that of the first-generation SU7, and it remains 15,600 yuan lower than the current starting price of its main rival, the Tesla Model 3.
Lei noted that the new-generation SU7 features over a hundred upgrades, and these significant hardware and software enhancements have increased the model's material costs by about 20,000 yuan.
However, considering the retreat of China's new energy vehicle (NEV) purchase tax subsidies and to avoid exceeding consumers' car-buying budgets, the Beijing-based company ultimately decided to implement only a price increase of 4,000 yuan across the entire lineup.
Nevertheless, this seems to have sparked investor concerns that Xiaomi's profit margins on the sedan will be squeezed. On the day after its launch, Xiaomi's stock price fell by 8.59% in Hong Kong.
Xiaomi has officially launched test drives for the new car, which is equipped with the new XLA cognitive large AI model, at 492 stores across 143 cities nationwide in China.
Xiaomi halted production of the first-generation SU7 in February to manage this critical product line transition, a production adjustment that led to a significant decline in the company's electric vehicle deliveries for the month.
The tech giant is currently fully committed to the production preparation of this revamped model, relying on the sedan's update and more upcoming models to achieve its 2026 sales target of 550,000 vehicles.
($1 = 6.8864 yuan)
