Buyers of Tesla’s Chinese rival EV may face monthslong wait for SU7

Chinese electronics maker Xiaomi is reportedly informing buyers about your new SU7 electric vehicle that could face waiting times of up to seven months.

Apparent demand for rival Tesla's electric vehicle has helped drive possible delivery wait times of several months for its three models, Reuters reported on Monday.

Of the three SU7 models, the Max showed the longest potential delivery wait time, of 27 to 30 weeks, on Xiaomi's car app, according to the outlet. Delivery wait times for the base and Pro versions of the SUV could be 18 to 21 weeks.

Customer orders for the company's SU7 began late last week.

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Xiaomi recorded almost 88,900 orders on the first day of availability, according to Reuters. The company said Thursday on Chinese social media platform Weibo that around 50,000 arrived in less than half an hour.

Xiaomi is charging approximately $30,000 for the base model of the SU7, the outlet reported.

That price level makes it cheaper than the Tesla Model 3 in China. Tesla, led by Elon Musk, asks for a starting price of $34,000 for the Model 3 in the country, according to Barron's.

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There are also a limited number of "Founder's Edition" models of the SU7.

Xiaomi has been working on its electric vehicle efforts for a few years. About 10 billion yuan in research and development helped the company reach the point where it was able to officially unveil the SU7 last week and enter the market. Chinese electric vehicle market.

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The company derives most of its annual revenue from its smartphones and other consumer electronics such as watches, tablets and home appliances.

Reuters contributed to this report.