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Xiaomi\u2019s big bet on EVs\u2014spending ten times more money<\/a> than what carmakers usually commit to a new model\u2014may be working out. The Chinese tech giant released<\/a> its first car, the SU7 electric sedan, on the market last Thursday, notching up 120,000 orders in just 36 hours.<\/p>\n The company\u2019s shares surged by as much as 16%<\/a> in Hong Kong trading on Tuesday, the first day of trading since the EV\u2019s launch. The company later pared gains back to a 9% increase by market close, with the broader Hang Seng Index up 2.4% over the same period. <\/p>\n But Xiaomi, a first-time carmaker, may struggle to meet demand. The company is advising potential buyers that they could face a wait time of four to seven months before receiving their vehicle.<\/p>\n There are three versions of the SU7, the standard model of which is priced at 215,900 yuan ($29,842). Higher-end Pro and Max models cost 245,900 yuan ($33,989) and 299,900 yuan ($41,453) respectively.<\/p>\n On Thursday, Xiaomi founder Lei Jun claimed that SU7 beats the Tesla Model 3 on 90% of specifications. The company\u2019s website claims that the Xiaomi car has a range of up to 700 kilometers, compared to the Model 3\u2019s 606 kilometers. The SU7 is also cheaper than the Model 3\u2019s 245,900 yuan ($33,989) price tag.<\/p>\n Xiaomi is the world\u2019s fourth-largest smartphone<\/a> seller, yet the company has also moved into making smart TVs and home appliances like vacuum cleaners, microwave ovens, and air fryers. Lei characterized<\/a> Xiaomi\u2019s EV project as his \u201clast major entrepreneurship project\u201d in 2021.<\/p>\n In a Weibo post<\/a> on Monday, Lei said the SU7 was the result of \u201cthree years of hard work\u201d and canvassed users for feedback on the new car. <\/p>\n Lei admitted<\/a> last week that Xiaomi is currently selling its new car at a loss, but said the company has enough cash reserves to cope with fierce competition in the Chinese EV sector over the next five years. Automakers in China are engaging<\/a> in another round of price wars as there are signs of a slowing pace of growth in the world\u2019s largest EV market.<\/p>\n<\/div>\n<\/div>\n\n