Xiaomi's Electric Vehicle Launch: 120,000 Orders Signal Strong Tesla Competition

Xiaomi's new electric sedan, the SU7, has garnered strong demand, with potential buyers facing up to a seven-month wait for delivery, as indicated on the company's app. The pre-orders for the vehicle reached 88,898 within the first 24 hours, prompting Xiaomi to release special "Founder's Edition" versions with complimentary gifts. Despite the wait time, Xiaomi's foray into the electric vehicle market has generated significant interest, with the company's Beijing factory capable of producing 200,000 cars annually awaiting regulatory approval to start manufacturing in China.