(Daily Point) — Xiaomi’s SU7, priced at 215,900 yuan ($29,870) for its base model, is gaining attention not only for its affordability but also for its sleek design reminiscent of high-end sports cars like Porsche’s Taycan and Panamera.

Despite being a newcomer to the electric vehicle (EV) market, Xiaomi’s SU7 has quickly captured the interest of consumers in China’s fiercely competitive automotive industry.

Due to overwhelming demand, Xiaomi cautions potential buyers about wait times ranging from four to seven months for SU7 deliveries. Standard models may require 18-21 weeks, while the Pro model and higher-priced variants could take up to 30 weeks.

Xiaomi’s venture into the EV sector coincides with formidable competition from established players such as Tesla and BYD. Nevertheless, Xiaomi’s robust financial backing and expertise in consumer electronics, particularly smartphones, provide it with a distinct advantage.

The company’s focus on smart features, including advanced dashboards, resonates well with Chinese consumers, further boosting its appeal.

Furthermore, Xiaomi’s SU7 launch has prompted other EV manufacturers to introduce competitive deals and discounts to attract consumers. Brands like Aito, backed by Huawei, and Xpeng are announcing subsidies and discounts on their electric SUV models, while Chery is offering incentives on its gasoline-powered vehicles.