Xiaomi received around 88,898 orders in just the next 24 hours since it started accepting orders.

Chinese smartphone giant Xiaomi recently officially entered the electric car business. Their first model, the SU7, has already been showcased in showrooms across the country

Xiaomi received around 88,898 orders in just the next 24 hours since it started accepting orders. But in that case, the company may take 27 weeks or more than 6 months to deliver the cars.

Xiaomi is third in smartphone sales worldwide. They have 12 percent market share of the global market. They are now in the business to compete with the biggest electric car companies like Tesla and BID.

A standard SU7 model Xiaomi car costs $29,872. And the highest price of this model is 299,900 yuan. On the other hand, Tesla Model 3 car price in China is 245,900 yuan.

Xiaomi SU7 model car has a minimum range of 700 km. Where Tesla Model 3 has a range of 567 kilometers.

Currently, the electric car business in China is very competitive. At least 200 companies are producing these cars in the country. The Chinese government has also subsidized many institutions over the past decade. Xiaomi entered the electric car business under such circumstances.

According to Chinese government figures, average profits in the country's electric car business will drop by 5 percent in 2023. BID, the sector's biggest company, said last week its quarterly profit growth was the slowest in two years. Because the company's sales are down.

In 2021, Xiaomi focuses more on building smart electric cars. As part of that, the company has decided to invest 10 billion dollars in this sector in the next decade.