Xiaomi launched its EV in late last month, entering a crowded China EV market with an attention-grabbing price tag. The base model, which is $4,000 cheaper than the base model of Tesla's Model 3 in China, has an estimated price of under $30,000. Xiaomi has deep pockets and has said it expects to lose money on the SU7.
The first deliveries commenced on April 3 with the "Founder's Edition," a limited batch of 5,000 cars equipped with additional accessories for early buyers. On Thursday, deliveries of the SU7's standard version commenced in Beijing and Shenzhen.
In addition to the standard version, Xiaomi previously announced plans to start deliveries of Max models this month and Pro models by the end of May.
During the event, Lei was repeatedly asked whether Xiaomi was planning a sports utility vehicle, but he did not take the question. He was accompanied during the livestream by Wei Jianjun, CEO of Chinese automaker Great Wall Motor, who complimented Xiaomi on having been able to produce such a car within three years. The debut of Xiaomi's EV has caused waves within the Chinese market, with other Chinese EV brands with comparable models announcing price cuts and subsidies after its launch.
Analysts project that losses on the SU7 could be significant. Based on a projected volume of 60,000 units this year, Citi estimates the SU7 could result in a net loss of 4.1 billion yuan, or an average of 68,000 yuan (9,380 USD) per car.
Source: Reuters
