Xiaomi EV sales: Xiaomi, the Chinese tech giant known primarily for its smartphones, is making significant strides in the electric vehicle (EV) market, securing lock-in orders of over 70,000 SU7 cars, as stated by founder Lei Jun during an investor conference on Tuesday. This announcement comes as Xiaomi targets deliveries of more than 100,000 SU7 vehicles in 2024, as per statements by Xiaomi President Lu Weibing.

The momentum surrounding Xiaomi's entry into the EV sector has been building for some time. Just a day before the investor conference, on April 22, Xiaomi's CEO Lei Jun announced via Weibo that the company would unveil more details about its production capacity and delivery plan for the SU7 vehicle at the Beijing Auto Show. Additionally, Lei Jun mentioned that deliveries for the standard and MAX versions of the SU7 had commenced ahead of schedule, indicating the company's commitment to prompt execution and delivery.

Earlier in April, on April 18, Xiaomi CEO Lei Jun disclosed during a livestream on Douyin that sales of Xiaomi's first electric car have exceeded expectations, being 3-5 times higher than anticipated. This surge in demand coincided with the early delivery of standard versions of the SU7 to buyers, further stressing Xiaomi's aggressive entry into the EV market.

Xiaomi's foray into the electric vehicle domain has garnered attention for its competitive pricing and ambitious production targets. With a price tag under $30,000 for the base model, the SU7 competes directly with established players like Tesla's Model 3 in China. Despite the anticipated losses on the SU7, Xiaomi has plans to leverage its financial strength and consumer-oriented approach to navigate the competitive landscape.

(With Reuters inputs.)