Xiaomi SU7 electric car passes 75,000 orders in a month

Xiaomi Corp. has secured 75,723 orders for its SU7 electric vehicles since last month’s launch, paving the way for the Chinese electronics giant to challenge automakers from Tesla Inc. to BYD Co. Ltd in the world’s largest car market.

Xiaomi priced the cars aggressively in a bid to win share of the increasingly cut-throat Chinese market, with the basic model costing less than $30,000 . The company will start delivering the Pro version of SU7 at the end of May and aims to deliver more than 10,000 SU7s per month in June, according to Lei.Calling the 6,000-employee EV unit his last startup endeavor, the billionaire co-founder of Xiaomi pledged earlier this week on his WeChat account to invest up to 12 billion yuan in the project, among other emerging businesses.

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Xiaomi’s electric car go for launch — setting up challenge with Tesla and BYDWith a year-long EV price war going on in China, reception for the Xiaomi SU7 will likely dictate the company’s stock momentum after a 22% gain since a February low.
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