New Xiaomi SU7 Launch Drives 3x Increase in Store Foot Traffic; Test Drives Running Until Midnight as Previous SU7 Models Removed from Display

Red Star Capital Bureau, March 21 — Recently, Xiaomi Auto officially launched the new generation Xiaomi SU7. The car sold out in 34 minutes, with over 15,000 units locked in.

On March 21, a salesperson at Xiaomi Store in Wanjing City, Chengdu, told Red Star Capital Bureau that the store’s foot traffic had tripled in the past two days, with 80% of visitors coming to see the new SU7, and more than a quarter of them choosing to lock in an order.

“One out of every four groups of customers who come in chooses to buy the new SU7,” he said. Currently, the Pro and Max versions are more popular. In terms of colors, Crimson Red, Indigo Green, and Gold Powder are the most favored.

Red Star Capital Bureau observed on-site that from 2 to 3 p.m. on March 21, most visitors were focused on the new SU7, with only two inquiries about the YU7. Within an hour, two groups of customers confirmed their orders on the spot.

Outside the store, six test drive vehicles of the new SU7 were almost constantly in use. It was reported that on March 20, from 8 a.m. to after midnight, they hosted over 110 test drive customers for the new SU7, doubling the usual number. By 3 p.m. on March 21, about 50 people had completed test drives.

Half of the staff at the Wanjing City store experienced the bustling scene when the first-generation SU7 launched two years ago. They have made thorough preparations this time, including staff arrangements, store layout, and customer invitations. The sales staff said, “To handle the large flow of customers, we not only added four more tables and chairs but also reserved five tables at the nearby beverage shop.”

It is noted that the current popularity of the new SU7 is not as intense as when the first-generation SU7 was launched. In early March 2024, when the first-generation SU7 was released, the same store hosted test drives until 2 a.m., and weekend appointments and test drives were almost fully booked.

A Xiaomi Auto sales representative mentioned that this time, the company pre-removed the old SU7 model from shelves and brought display cars to stores half a month early, giving consumers ample time to view, experience, and compare, effectively easing the pressure on frontline stores.

On January 7 this year, the new SU7 began pre-sales and announced a planned launch in April. On the same day, Xiaomi Mall removed the first-generation SU7 from its listings. On February 11, with the last vehicle rolling off the line, the first-generation SU7 officially ceased production. Starting March 4, the new SU7 was gradually arriving at stores nationwide.

Red Star Capital Bureau learned that after the new SU7 display cars arrived, store foot traffic increased by over 50%. However, before the official launch, the display cars’ doors could not be opened, and a one-meter barrier was set up. Even with only the exterior visible, the store received nearly 300 small orders before the March 19 launch event.

Some consumers told Red Star Capital Bureau that they plan to wait and see a bit longer. On one hand, compared to the first-generation SU7, the new SU7’s appearance has not changed significantly. On the other hand, they believe that at the Beijing Auto Show at the end of April, many new cars will be launched with attractive discounts, which might be more cost-effective than the new SU7.

The three versions of the new SU7 are priced at 219,900 yuan, 249,900 yuan, and 303,900 yuan, respectively, representing an increase of 4,000 yuan over the first-generation SU7, but a decrease of 6,000 to 10,000 yuan from previous pre-sale prices. Upgrades have been made in the electric systems, chassis, and interior.

Lei Jun, Chairman of Xiaomi Group (01018.HK), stated, “There are over 100 upgrades in the new SU7, with material costs alone increasing by nearly 20,000 yuan. But considering the phased reduction of purchase tax policies, we don’t want buyers of the new generation SU7 to go over budget.”