India, April 24 -- China's Xiaomi has secured locked-in orders for more than 70,000 of its SU7 electric cars as of Saturday and the company intends to keep its automotive business "100% focused" on the Chinese market for the next three years, founder Lei Jun said on Tuesday.

The smartphone maker is targeting more than 100,000 deliveries for the SU7 in 2024, he said in comments at an investor conference posted on his official WeChat account. Locked-in orders refer to those where buyers have opted for non-refundable deposits.

Xiaomi launched its car, which draws styling cues from Porsche, late last month. It enters a crowded China EV market with an attention-grabbing price tag - under $30,000 for the base model, which is $4,000 cheaper th...