Xiaomi's SU7 electric car has sparked excitement in China, with its low price and long range challenging Tesla's Model 3. Xiaomi's shares surged upon its launch, and wait times for the SU7 are now five months. Other Chinese EV makers like Xpeng, Nio, and Li Auto have recently cut delivery forecasts, while BYD remains the industry leader. The growing competition and slowing new energy vehicle growth indicate a highly competitive Chinese electric car market.
