Key Takeaways
1. Tesla is facing increasing competition in China, particularly from Xiaomi’s electric vehicles.
2. In January, Tesla sold 8,000 Model 3s, while Xiaomi’s SU7 outsold it with 22,000 units sold.
3. The Xiaomi SU7 offers features like a larger battery, better driving range, and a lower price point than the Model 3.
4. Demand for the Xiaomi SU7 is rising, indicated by a significantly longer wait time for delivery.
5. Xiaomi plans to release the YU7 later this year, which may challenge the Tesla Model Y in sales.
Competition in the electric vehicle (EV) market is intense worldwide, but Tesla is feeling particularly challenged in China. In January, the Model 3 was outperformed by the Xiaomi SU7, and the upcoming YU7 might follow suit by surpassing the Model Y.
Sales Figures
Reports indicate that Tesla China sold 8,000 Model 3 vehicles in January, while Xiaomi managed to deliver 22,000 SU7 units in its home market. The SU7 boasts several attractive features like a larger battery, superior driving range, a heads-up display, and even a mini refrigerator. Additionally, it comes at about $2,500 less than the Model 3.
Future Prospects
This trend looks poised to persist. A wait time that is ten times longer suggests that demand for the Chinese EV is growing. However, this could also work in Tesla’s favor, as some eager buyers might opt for the Model 3 instead.
What’s uncertain is if the soon-to-be-released Xiaomi YU7 will surpass the Model Y in terms of sales. It’s noteworthy that Xiaomi is already employing Tesla’s ‘gigacasting’ technique to produce the SU7 and is also utilizing the ‘structural battery pack’ design. With the production insights they’ve accumulated and a list of competitive features, Xiaomi could be gearing up to release a serious contender to the Tesla Model Y.
Upcoming Launch
Xiaomi announced that the YU7 will begin its production later this year.
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