In the third installment of a three-part series on electric vehicles in China, Daniel Ren and Yujie Xue examine why smartphone makers are finding success in the EV market. please read beginning and Number 2 parts.
On a cloudy September afternoon, inside a gleaming ultra-modern Xiaomi Electric vehicle (EV) Justin Wen from the Shanghai showroom was not satisfied. The 39-year-old electronics engineer had just learned he would have to wait up to 20 weeks to get the smartphone maker’s first EV product, the SU7 sedan he wanted.
“Now is the time to show my colleagues and friends how discerning I am,” he says, pressuring salespeople to fight with higher-ups to speed up delivery dates. “buy” xiaomi A car is more than just a means of transportation. As a tech-savvy professional, I need a car to gain first-hand experience with digital connectivity, so this will be a symbol of my social status. ”
Wen’s stance speaks not only to the SU7’s popularity, but also to the changing competitive dynamics of mainland China’s cutthroat EV industry. With a strong supply chain that mass-produces advanced components, even companies with no automotive heritage can manufacture and deliver advanced vehicles, given sufficient resources. Success therefore depends on marketing more than ever. That power convinced Wen that the SU7 would not only be a great means of transportation, but also a vehicle that would enhance his identity.
In the end, Wen accepted that there was nothing he could do to get the car sooner and decided it was worth the wait.
he is not alone. Since then, domestic drivers have enthusiastically welcomed the SU7. Delivery starts from early April. Prices start at 215,900 yuan (US$30,347), and Xiaomi sold 70,000 units from April to September.
JP Morgan analyst Nick Lai said: “We vote for Xiaomi because it is already a well-known consumer technology brand and has strong cash reserves to survive in a competitive market. ”. “These advantages are valuable assets for Chinese electric vehicle manufacturers.”
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