Xiaomi SU7 EV Secures More Than 70,000 Orders

Xiaomi SU7 electric sedan has secured more than 70,000 locked-in orders of its SUV electric cars. The smartphone maker targets 1,00,000 deliveries in 2024. Locked-in orders refer to those where buyers have opted for non-refundable deposits. Xiaomi SU7 electric vehicle can perform like a sports car with a top speed of up to 265 km/h and the ability to reach 100 km/h in less than three seconds.

Founder Lei Jun said on Tuesday in a press conference that the company intends to keep its automotive business 100% focused on the Chinese market for the next three years. Xiaomi launched its car late last month. It enters a crowded China EV market with an attention-grabbing tag under $30,000 for the base model, which is $4,000 cheaper than the base model of Tesla’s Model 3 in China.

Xiaomi better known for making affordable smartphones and home appliances intends to invest another 11-12 billion Yuan this year. Xiaomi’s goal is to become one of the top five automakers globally in 15-20 years.