Core Viewpoint - The article discusses the phenomenon of order speculation and high rental prices surrounding the launch of the Xiaomi SU7 Ultra, highlighting the dynamics of supply and demand in the automotive market, particularly in the context of electric vehicles and consumer behavior [4][25]. Group 1: Order Speculation and Market Dynamics - The Xiaomi SU7 Ultra was launched at a price of 529,900 yuan, significantly lower than its pre-sale price, leading to a surge in orders with 6,900 units sold within 10 minutes [2][3]. - The secondary market has seen "small deposit orders" being traded at premiums of 2,000 to 6,000 yuan, transforming these orders into tradable financial derivatives [6][9]. - The supply-demand imbalance is evident, with 248,000 orders placed against an annual production capacity of only 135,000 units, creating a "time value" for early delivery [13][14]. Group 2: Rental Market and Consumer Behavior - The rental market for the SU7 Ultra has emerged, with daily rental prices ranging from 2,000 to over 10,000 yuan, driven by various consumer segments seeking early access to the vehicle [11][12]. - The phenomenon reflects a shift towards experience-based consumption, where younger consumers prefer short-term rentals over long-term ownership [26]. - The article notes that the second-hand luxury car rental market in China reached 4.7 billion yuan in 2024, marking a 210% year-on-year increase, indicating a growing trend in the automotive rental sector [25]. Group 3: Brand Value and Social Currency - The SU7 Ultra's performance and branding, likened to luxury brands like Porsche, enhance its social currency, making it a status symbol among consumers [17][18]. - The article emphasizes that the demand for rental services is not just about the vehicle itself but also about the social identity associated with driving such a car [18][19]. - The transformation of car orders into tradable assets reflects a broader change in consumer values, where the experience of "having driven" is prioritized over "owning" [28].

Core Viewpoint - The article discusses the phenomenon surrounding the Xiaomi SU7 Ultra, highlighting the significant demand and market dynamics that have led to a speculative environment for orders and rentals, transforming them into financial assets rather than mere consumer goods [3][4][5]. Group 1: Market Dynamics - The official price of the Xiaomi SU7 Ultra was set at 529,900 yuan, a reduction of nearly 300,000 yuan from the pre-sale price, resulting in 6,900 orders within 10 minutes and achieving the annual sales target in just two hours [4]. - The secondary market has seen "gray market" transactions where small orders are being resold for 6,000 yuan, and daily rental prices have exceeded 10,000 yuan, indicating a speculative trading environment [5][10]. - The demand for the SU7 Ultra is driven by a significant price difference between the pre-sale and official price, leading to a revaluation of the "time value" of orders, with premiums ranging from 2,000 to 6,000 yuan [10][17]. Group 2: Consumer Behavior - The rental market for the SU7 Ultra has emerged with daily rental prices ranging from 2,000 to 5,000 yuan, attracting various consumer segments including media influencers and genuine consumers eager for early access [12][13]. - The phenomenon of "order securitization" is noted, where early adopters and professional resellers capitalize on the scarcity of orders, with some resellers reportedly making over 100,000 yuan in profits [22]. - The article emphasizes a shift in consumer behavior, where younger consumers prefer short-term experiences over long-term ownership, reflecting a broader trend in the automotive market [36]. Group 3: Industry Implications - The article highlights the ongoing tension between consumer demand and production capacity, with Xiaomi's SU7 Ultra experiencing a backlog of orders due to limited production capabilities, which has led to a thriving secondary market [17][34]. - The rapid growth of the second-hand luxury car rental market in China, which reached 4.7 billion yuan in 2024, showcases the potential for new business models in the automotive industry [35]. - The article suggests that the current trends may lead to a fundamental transformation in the automotive industry, where the distinction between ownership and usage rights is increasingly blurred [36][40].