Xiaomi's New Electric Sedan Sets Preorder Record Despite Production Delays

Xiaomi unveiled its new electric sedan, the SU7, which is cheaper than the Tesla Model 3 and performs better in most areas. Preorders topped 88,000 in 24 hours.

High demand means customers may have to wait over 7 months to receive their SU7 due to production constraints. Xiaomi is selling at a loss.

Two "founder's editions" of the SU7 released with added perks, but Xiaomi cracked down on some "abnormal orders."

Xiaomi is the latest entrant in China's hyper-competitive EV market amidst an ongoing price war with rivals like Tesla, BYD, and Xpeng.

Customers seeking the SU7 may have to wait 18-30 weeks depending on the model, despite Xiaomi aiming to deliver the first units by end of April.