Chinese smartphone giant Xiaomi is seeing continued strong demand for its first electric vehicle (EV)—the SU7, short for Speed Ultra 7—even as potential buyers face delivery wait times of more than five months, reports the South China Morning Post. Buyers of the standard SU7 model, which costs RMB 215,900 ($29,859), are expected to wait at least 21 weeks for delivery on orders placed as of Tuesday, according to checks made by the Post on the Xiaomi Car app.
Xiaomi had locked in an estimated 40,000 orders as of Tuesday, according to a report by Chinese media Yicai. Xiaomi said it had nearly 89,000 pre-orders in the first 24 hours of sales last week, but buyers have seven days to cancel.
Once orders are locked in, buyers forfeit their RMB 5,000 yuan deposit. The return rate so far is estimated to be 40%, according to data from Chinese auto media Car Fans.