Xiaomi's SU7 has generated exceptional demand, with over 240,000 preorders received within 24 hours of its June launch. The smartphone maker, new to the auto industry, sold more than 30,000 cars in August and has advertised waiting times exceeding one year. Even BYD, which is on track to overtake Tesla as the world's top EV seller this year, reported flat sales for the month, indicating that the competitive pressure is industry-wide. In response to the fierce local competition, Tesla has unveiled an extended six-seater version of the Model Y.