Chinese smartphone manufacturer Xiaomi (1810.HK) has secured 75,723 orders for its SU7 electric sedan as of April 24, with plans to deliver over 10,000 units in June, announced founder Lei Jun. This delivery target sets a remarkable record for an electric vehicle (EV) startup, Lei highlighted during an event at the Beijing auto show's first media day. The locked-in orders, representing purchases with non-refundable deposits, have swiftly accumulated within a month of the SU7's launch in late March.

Xiaomi aims for over 100,000 deliveries of the SU7 in 2024, emphasizing its commitment to keep the automotive business solely focused on the Chinese market for the next three years, as stated by Lei at an investor conference earlier this week. Xiaomi expedited deliveries of the standard and Max versions of the SU7 to April 18, 12 days ahead of schedule, and plans to introduce Pro models by the end of May. Styled with cues from Porsche and priced below Tesla's Model 3, the SU7's entry into the market has intensified the EV price competition in China.