The sales of the first electric car by Chinese smartphone manufacturer Xiaomi Corp (OTC:XIACF) have reportedly exceeded expectations by three to five times.

What Happened: Company CEO Lei Jun revealed the unexpected sales figures during a live stream on Douyin, the Chinese equivalent of TikTok, Reuters reported.

The SU7, which was launched last month, has a starting price of 215,900 yuan (about $29,829), lower than even the Tesla Model 3 in China. The pricier variants of the sedan, called Pro and Max, start at 245,900 ($33,973) and 299,900 yuan ($41,434), respectively. Xiaomi received over 50,000 orders in less than half an hour of starting to take orders late last month and has already commenced deliveries of select versions of the vehicle.

In the live stream, the CEO also confirmed that Xiaomi has no plans to build off-road vehicles and will primarily focus on the SU7, Reuters added.

Why It Matters: Since the launch of the SU7, smaller players in China such as Zeekr have slashed prices on their vehicles in an attempt to protect their market share.

"Xiaomi's car officially debuts, the real revolution in smart cars has officially begun, and China will surely give birth to a great company like Tesla," company CEO Lei Jun reportedly said at the delivery ceremony for the founder's edition of the car earlier this month.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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