it’s the same with the Tesla Model 3, and BYD is also “concerned”

Xiaomi at full speed on the Hong Kong stock market, thanks to higher-than-expected orders for its first electric car, the SU7 sedan. The stock of the smartphone maker closed with a gain of 9%, after gaining 16% in the first session after the start of car sales. The company, based in Beijing, announced that almost 90 thousand customers, 88,898 to be precise, chose the SU7 in the first 24 hours of opening orders. Orders were about 50 thousand in the first 27 minutes, Xiaomi emphasized. As operators point out, the data has raised hopes that Xiaomi can also succeed in China’s increasingly competitive car market. A large success of orders, for unexpected parts, on the other hand, has a downside, i.e. it should lead to delivery delays, an event for which customers have already been warned. The waiting time, according to Reuters, can reach 7 months for the top of the range, SU7 Max According to financial media Ycal Global, showrooms in major Chinese cities such as Beijing, Shanghai and Guangzhou saw long queues with customers enthusiastic during the weekend. .

Dissatisfaction, however, they have a seven-day cancellation window and require a 5,000 yuan deposit. According to analysts, Xiaomi’s SU7 orders were stronger than expected and could put it on par with Tesla Inc’s Model 3. as one of the best-selling electric sedans in China, while also being able to rely on low prices and. greater freedom. Goldman Sachs has predicted that orders could reach 100,000 units this year, while Citigroup estimates indicate sales of around 55,000-70,000 units. Production time and therefore delivery time will also make a difference. ‘Increased production capacity, on the other hand, could be a key factor in the next two months, Goldman Sachs analysts wrote in a note. Xiaomi will begin deliveries in 28 cities on Wednesday, co-founder Lei Jun said in a post on Chinese social media site Weibo.

As experts say, The global market for electric vehicles, once a subsidized industry, has transformed into a highly competitive field. China’s electric vehicle market is expected to decline for the second year in a row, with sales growth in 2024 estimated at +25% from +36% last year and +96% in 2022. Citigroup’s analysis also found that it faces ‘ the new entry’ of Xiaomi. , other automakers, including XPeng and BYD, may adjust prices to match the competition.