The Xiaomi SU7 electric sedan is on display at Xiaomi’s regional headquarters in Nanjing, east China’s Jiangsu Province.
Future Publishing | Future Publishing | Getty Images
BEIJING — Stocks of Chinese smartphone makers Millet Shares soared 15% at the opening of the Hong Kong market on Tuesday, the first trading day since the company launched its SU7 electric car ahead of the Easter holidays.
Xiaomi announced late Thursday that the SU7 will be priced about $4,000 less than in China’s electric car market, a sign of how fierce competition is in China’s electric car market. TeslaModel 3, and claims that the new car will have a longer driving range.
As of Tuesday morning, Xiaomi’s online store showed a wait time of at least five months for the base version of the SU7. The company has said it received orders for more than 50,000 vehicles within 27 minutes since sales began at 10pm Beijing time on Thursday.
Chinese electric vehicle startups Xpeng and Nioh Car purchase subsidies were announced on Monday at 20,000 yuan ($2,800) and 10,000 yuan per vehicle respectively. NIO said the promotion follows the Chinese government’s policy efforts to promote consumption through trade-in of old items for new ones.
The price cuts come as the growth of new energy vehicles in the world’s largest auto market shows signs of slowing. According to the China Passenger Car Association, the penetration rate of battery and hybrid passenger cars has exceeded more than one-third of new cars sold in China.
ideal carThe company, which equips most of its cars with fuel tanks to extend driving range, said on Monday it delivered 28,984 vehicles in March. Although it was up from February, it was still lower than Li Auto’s recent deliveries. The company in late March lowered its first-quarter delivery forecast by more than 20,000 vehicles.
Around the same time, NIO also cut its first-quarter sales forecast by thousands of units. The company said on Monday it delivered 11,866 vehicles in March.
Xpeng Motors delivered fewer cars last month, 9,026.
In comparison, Huawei’s new energy vehicle brand Aito said it delivered 31,727 vehicles in March.
BYD In March, sales of electric passenger cars were 139,902 units and hybrid vehicles sales were 161,729 units, still the industry leader. BYD’s total passenger car sales last month increased by nearly 14% compared with the same period last year.
