Xiaomi SU7 Orders Skyrocket, With 40,000 Locked and Delivery Wait Time of Up to 8 Months!

The delivery period for the Xiaomi SU7 has been further extended.

As of March 31, the estimated delivery period for the standard version of the Xiaomi SU7 was 16~19 weeks after the order was locked in, the Pro version in 17~20 weeks, and the Max version 26~29 weeks.

By the morning of April 2, the aforementioned delivery periods had been extended to 20~23 weeks, 19~22 weeks, and 28~31 weeks respectively. Insiders revealed that Xiaomi’s original production plan for April was about 5,000 vehicles. Xiaomi is currently negotiating with suppliers to increase production capacity. In response to netizens’ questions, Xiaomi stated that it is working hard to increase capacity and speed up delivery.

According to Xiaomi’s official Weibo, the Xiaomi SU7 mentioned in response to netizens’ questions that the earliest delivery of the Xiaomi SU7 Founders Edition will start on April 3. The non-Founders Edition of the Xiaomi SU7 and the Xiaomi SU7 Max will start delivery at the end of April, and the Xiaomi SU7 Pro will start delivery at the end of May. The specific delivery period can be referred to the APP.

On March 29, Xiaomi officially announced that 24 hours after its launch, the number of orders with deposites for the Xiaomi SU7 reached 88,898.

As of the early morning of April 2, the number of locked orders for the Xiaomi SU7 had reached 40,000.

Today, car blogger Sun Shaojun 09 released a quick report on the Xiaomi SU7, stating that the car’s cumulative orders with deposits per store were 1800~2000, with a lock-in rate of 35%~40% and a cancellation rate of 40%. Due to the limited number of stores, people entering the store completely exceeded the store’s reception capacity. Some customers chose to cancel their orders and wait for delivery reviews due to the inability to receive normal service and delivery time.

The Xiaomi SU7 was officially launched on the evening of March 28, and its starting price of 215,900 yuan attracted widespread attention. On the first weekend after its launch, the heat of Xiaomi cars continued to rise. In offline stores, due to the huge flow of customers, some salespeople admitted that test drives were scheduled until 2 or 3 o'clock in the morning.

According to Red Star News, on March 29, reporters visited the Xiaomi Home Chengdu Mix City store. Although it was a Friday workday, the store was still crowded. Xiaomi car sales staff told reporters that although the official business hours started at 10 am, customers came to the store for test drives at 9 am. “I test drove until 2 am last night. Our store’s weekend appointments and test drives are basically full.”

In response to consumer enthusiasm, Xiaomi responded that test drive appointments are currently very popular. The current store estimates that the number of test drivers per store is about 90~120 people/day, and the current appointment is about a 3-5 day wait.

Xiaomi Group-W (HK1810) soared nearly 15% following market open on Tuesday. 

Goldman Sachs analysts Timothy Zhao and others said in the report that given Xiaomi’s sales growth and strong profit prospects, the stock’s target price was raised from the previous 18.9 Hong Kong dollars to 20 Hong Kong dollars, and maintained a buy rating.

Morgan Stanley believes that Xiaomi’s electric vehicle business has had a strong start and may exceed the market’s expectation of about 50,000 shipments in the first 12 months, triggering a strong positive response in the stock price in the short to medium term, and continues to maintain Xiaomi’s “overweight” rating.

Disclaimer: The content and data of this article are for reference only and do not constitute investment advice.