Chinese smartphone company Xiaomi announced on Tuesday that it will start taking pre-orders for the sports car version of its SU7 electric sedan, priced at more than $110,000.
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Beijing — China xiaomi announced on Tuesday that it delivered more than 20,000 SU7 EVs in October, ramping up production for the electric vehicle venture in a fiercely competitive market.
The Chinese company, primarily known for its smartphones and home appliances, has reiterated its plans to deliver 100,000 SU7 vehicles by the end of November. Xiaomi first revealed plans to manufacture cars in 2021 and began construction of a dedicated manufacturing plant in the same year.
In late March, the company launched a basic version of its first car, the SU7, for about $4,000 less. teslaThe Model 3 was the cheapest car in China at the time. Tesla has since lowered the price of the car by about $2,000. Xiaomi has delivered more than 75,000 SU7s so far, including October figures.
Chinese rival Spen and Nioh It took Tesla about 6 years to produce 100,000 electric cars, compared to 12 years for Tesla.
Xpeng achieved a monthly delivery record of over 20,000 units in September, with about half of that coming from its newly launched low-cost brand Mona, while Nio has struggled to keep monthly deliveries above 20,000 units. I am doing it.
Geekeris an electric vehicle brand established by automaker Geely Automobile, which has announced that it has produced more than 100,000 units in one and a half years. In September, a record 21,333 units were delivered.
Data on October deliveries for other Chinese electric vehicle companies is expected to be released on Friday.
“The news of 20,000 deliveries in October confirms the following.” [Xiaomi] will become a force to be reckoned with in the world’s largest EV market,” said Brian Ticanko, an analyst at Stansbury Research.
He said Xiaomi’s electric vehicle gross profit margin in August was similar to Xpeng’s gross profit margin in the same month, and is likely to have improved since then given production increases.
Xiaomi announced on Tuesday that it will accept pre-orders for its high-end sports version, the SU7 Ultra, starting at 814,900 yuan ($114,304) ahead of the product’s launch in March 2025. The company announced that more than 3,600 orders were placed within 10 minutes. Each pre-order requires a deposit of 10,000 yuan.
Citi analysts said in a report that the new model and its promotion at Germany’s Nurburgring racetrack are likely to help Xiaomi boost sales of its SU7 Max luxury car, which costs just 299,900 yuan. said. They now expect Xiaomi to deliver 250,000 cars next year, which is higher than their previous forecast of 238,000.
Xiaomi this week claimed that its SU7 Ultra prototype has become the fastest four-door sedan to complete a race track in Germany.
Citi analysts raised their price target for Xiaomi to HK$30.60 ($3.94) from HK$22.70. They also raised their forecast for the company’s smartphone shipments following the launch of Xiaomi’s flagship device, the Mi 15, on Tuesday. This is the first mobile phone. Qualcomm’s Latest chipset.
xiaomi
Tesla’s Model Y sold 48,202 units in September, making it the best-selling battery electric vehicle in China, according to data from Chinese auto industry site Autohome. The Model 3 sold nearly 24,000 units and ranked 8th.
BYD’s low-priced models accounted for most of the other top 10 best sellers in the battery-only category. According to the data, Xiaomi’s SU7 ranked 17th with 13,559 units sold last month.
Xiaomi currently only sells its cars in China. The company told CNBC earlier this year that it would take at least two to three years to launch it overseas.
—CNBC’s Sonia Heng contributed to this report.
