Xiaomi CEO Predicts Tesla-Like Success As Chinese EV Debutant's 1st Electric Offering Zooms Off The Lot With Over 100K Orders

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Chinese tech giant Xiaomi (OTC:XIACF) has reportedly commenced deliveries of its SU7 electric sedan for which it has received over 100,000 orders.

What Happened: The smartphone company started delivering its first electric vehicle to customers on Wednesday and held a ceremony to commemorate it in Beijing, Reuters reported. The first vehicles to be delivered are part of the limited “Founder’s edition” of the vehicle of which the company has made 5000 units.

“Xiaomi’s car officially debuts, the real revolution in smart cars has officially begun, and China will surely give birth to a great company like Tesla,” company CEO Lei Jun reportedly said at the ceremony.

The SU7 has a starting price of 215,900 yuan (about $29,838), lower than even the Tesla Model 3 in China. The pricier variants of the sedan, called Pro and Max, start at 245,900 ($34,022) and 299,900 yuan ($41,494), respectively.

Why It Matters: Xiaomi started taking orders for the car on Thursday and received over 50,000 orders in less than half an hour. The vehicle is available in 9 colors, including radiant purple and lava orange, and boasts a maximum range of 810 km, significantly higher than the Model 3's 606 km.

"The essence of EVs lies in three key elements: car, electric, and intelligent. Over the past decade, we've witnessed tremendous progress in overcoming the challenges of vehicle electrification. In the next decade, I believe the focus is rapidly shifting towards intelligence. This is where the next battleground for the EV market is," Lei Jun previously said.

Check out more of Benzinga’s Future Of Mobility coverage by following this link.

Read More: Toyota Was Right? Japanese Automaker Trails GM In America — But Hybrid Strategy Gives It Edge In EV War

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Photo via Shutterstock

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