China's newest EV entrant Xiaomi Corp (OTC:XIACF) has reportedly delivered its 10,000th electric sedan.
What Happened: Xiaomi delivered its 10,000th vehicle on the 43rd day since April 3, when it commenced deliveries, CnEVPost reported, citing a Weibo post from the company.
The company further reiterated its target of delivering 100,000 units of the electric sedan this year, the report added.
The SU7 was officially launched on March 28, with deliveries of the Founders Edition commencing on April 3. Customized vehicle deliveries began a few weeks later and the 10,000th SU7 rolled off the production line on April 29, just 32 days after the model's launch.
Why It Matters: Xiaomi's entry into the EV market has been met with significant interest and demand. The company's CEO, Lei Jun, predicted Tesla-like success for the SU7, which received over 100,000 orders by the time deliveries commenced in early April. By late April, the SU7 had garnered over 70,000 lock-in orders where buyers opted for non-refundable deposits.
The SU7 has a starting price of 215,900 yuan (about $29,792), lower than even the Tesla Model 3 in China. The pricier variants of the sedan, called Pro and Max, start at 245,900 ($33,932) and 299,900 yuan ($41,384), respectively.
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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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