Angela B. Auto 04.02.2024 00:Apr AM EDT

Xiaomi's SU7 EV Buyers Could Wait For Up to Seven Months for Delivery

Xiaomi introduced its first electric vehicle just last month called the SU7, and prospective buyers are already lining up to get one for themselves. It's undeniable that the car has immediately become a popular option for an EV, but the demand means that wait times will be long.

Xiaomi SU7 Wait Time

Even though Xiaomi is fairly new to the EV market, the company is already seeing signs of success for its vehicle. It just began taking orders last week on Thursday and in the first 24 hours, it reached 88,898 orders, which is impressive by any standard.

With the outstanding number, buyers can already expect long wait times. Deliveries for the standard SU7 model, which is priced at around $29,870 could take between 18 to 21 weeks, and the same goes for the SU7 Pro model.

Unfortunately for those who ordered the SU7 Max, which is the most expensive model in the three versions of the EV priced at around $41,450, it will take much longer to be delivered at 27 to 30 weeks, as reported by The Economic Times.

The wait might very well be worth it, especially since the price is competitive compared to other EV options. By comparison, Tesla's Model Y EV costs around $96,600, which is a huge difference from Xiaomi's $29,800 EV.

A Cheaper EV Option

The cost of Xiaomi's EV could be seen as a sign that we might finally see a drop in the standard pricing for electric vehicles. The EV market continues to grow as brands strive to release electric cars of their own, even planning to become fully electric by the end of the decade.

Company CEO Lei Jun said that the goal of the Xiaomi SU7 is "to be the best looking, best driving, and most intelligent sedan under 500,000 yuan." With the more affordable price, Tesla won't be the only EV company Xiaomi will be competing with.

According to CNBC, several Chinese car companies are also planning to release premium EVs. Some of the companies that Xiaomi will share the market with domestically include BYD, Nio, Xpeng, and Li Auto.

Xiaomi already announced its plans to enter the market long before it conducted its first unveiling of the SU7. "Three years ago, I announced that Xiaomi was going to enter the EV market. This is my final new venture," Lei expressed.

"I am putting my reputation on the line to fight for a vision I deeply believed in," he continued. It's a good venture, especially since some companies are moving to eliminate their production of gas-fueled cars and the EV market will become more competitive soon.

Some of the car brands that plan to be all-electric by the end of the decade, according to Gear Patrol, include Jaguar, Chrysler, Bentley, Buick, Cadillac, Maserati, Rolls-Royce, and Volvo. Others plan to sell only electric cars a little after 2030 or expect around 50% of car sales to be electric.