Xiaomi's Tesla Model S Rival SU7 EV Hit By Massive 7-Month Delivery Delay
Portfolio Pulse from Benzinga Neuro
Xiaomi's new electric sedan, the SU7, has experienced a significant delivery delay of up to seven months due to overwhelming demand, with 120,000 orders received within 36 hours of launch. The delay affects all models, including the standard and Pro versions, and the most expensive model. Xiaomi also launched a special Founder's Edition with complimentary gifts, selling out the first batch of 5,000 cars immediately. The company has a Beijing factory with a production capacity of 200,000 cars annually, manufactured by BAIC Group.
April 01, 2024 | 6:17 am
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Xiaomi's SU7, priced significantly lower than competitors, is seen as a direct challenge to Tesla's Model S, potentially impacting Tesla's market share and stock price.
Xiaomi's aggressive pricing and high demand for the SU7 could lead to increased competition in the EV market, potentially affecting Tesla's sales and market share. The significant interest in Xiaomi's EV indicates a strong market appetite for alternatives to Tesla's offerings, which could pressure Tesla's stock in the short term.
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