Not Content At Being An Apple Killer, Xiaomi Challenges Elon Musk's Tesla, Rakes In 120K Orders For First EV In 36 Hours
Portfolio Pulse from Benzinga Neuro
Xiaomi has entered the EV market with its SU7 sedan, receiving 120,000 orders in 36 hours, directly challenging Tesla's Model 3. The SU7, initially available in China, boasts better specifications than the Model 3 in most aspects and is priced under $30,000. Despite the competition, Xiaomi is prepared to sustain losses to compete in the EV market.
April 01, 2024 | 1:47 am
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Xiaomi's successful launch of the SU7 sedan, with 120,000 orders in 36 hours, marks its strong entry into the EV market, potentially boosting its stock.
The overwhelming response to Xiaomi's first EV, the SU7, with 120,000 orders, demonstrates strong market demand and Xiaomi's potential to become a significant player in the EV market. This positive market reception is likely to have a favorable impact on Xiaomi's stock in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
BYD, already a competitor in the Chinese EV market, faces increased competition from Xiaomi's entry with the SU7 sedan.
Xiaomi's entry into the EV market with a competitive product increases the competition for BYD, potentially affecting its market share and investor sentiment. However, the impact may be moderated by BYD's established presence and diverse product lineup in the EV market.
CONFIDENCE 75
IMPORTANCE 65
RELEVANCE 60
NEGATIVE IMPACT
Tesla faces direct competition from Xiaomi's SU7, which claims to outperform the Model 3 in most specifications and is more affordable in China.
Xiaomi's aggressive entry into the EV market with a product directly competing against Tesla's Model 3, combined with a significant number of pre-orders, could potentially impact Tesla's market share and investor sentiment in the short term, especially in the Chinese market.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80