The Xiaomi SU7 electric sedan was seen on display at Xiaomi's regional headquarters in Nanjing, east China's Jiangsu province.
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BEIJING – Shares of the Chinese smartphone maker Xiaomi The company's stock rose 15% at the Hong Kong market open on Tuesday, the first trading day since the company launched its SU7 electric car before the Easter holiday.
In a sign of how competitive China's electric vehicle market is, Xiaomi announced late Thursday that the price of the SU7 will be about $4,000 less than its price. TeslaModel 3, and he claimed that the new car would have a longer driving range.
As of Tuesday morning, Xiaomi's online store showed wait times of at least 5 months to get the basic version of the SU7. The company said it received orders for more than 50,000 cars in 27 minutes since sales began at 10 p.m. Beijing time on Thursday.
Chinese electric car startups Exping And New On Monday, the government announced subsidies for car purchases worth 20,000 yuan ($2,800) and 10,000 yuan each, respectively. Niu said the promotional deal came in the wake of political efforts made by the Chinese government to boost consumption through domestic trade.
The price cuts come as the growth of new energy vehicles in the world's largest auto market shows signs of slowing. The penetration of battery-electric and hybrid passenger cars has accounted for more than a third of new cars sold in China, according to the China Passenger Car Association.
Lee OttoThe company, most of whose cars come equipped with a fuel tank to extend driving range, said on Monday that it had delivered 28,984 cars in March. While this number is up from February, it is lower than Li Auto's latest delivery streak. The company in late March lowered its first-quarter delivery estimates by more than 20,000 vehicles.
Around the same time, Nio also lowered its first-quarter forecast by a few thousand vehicles. The company said on Monday that it delivered 11,866 cars in March.
Xpeng delivered fewer cars last month, at 9,026.
In contrast, Huawei's new energy vehicle company Aito said it delivered 31,727 vehicles in March.
BYD The company remained an industry giant, with 139,902 battery-powered passenger cars sold in March, and 161,729 hybrid cars sold during that period. BYD's total passenger vehicle sales last month were up nearly 14% from a year ago.
