Chinese smartphone maker Xiaomi announced on Tuesday that it delivered more than 20,000 SU7 electric vehicles (EVs) in October as it ramps up production. The company, known for its smartphones and home appliances, reiterated plans to deliver 100,000 SU7 vehicles by the end of November. Xiaomi first revealed plans to make cars in 2021 and began building a dedicated manufacturing plant the same year.
The company released the basic version of the SU7, its first car, in late March for about $4,000 less than Tesla’s cheapest car, the Model 3, in China at the time. Tesla subsequently cut the car’s price by about $2,000. Xiaomi has delivered more than 75,000 SU7 cars to date, including October’s figures.
Chinese rivals Xpeng and Nio took about six years to produce 100,000 electric cars, while it took Tesla 12 years. Xiaomi also announced it was taking preorders for the high-end sports version, SU7 Ultra, starting at 814,900 yuan ($114,304), ahead of a product release in March 2025. The company claimed that within 10 minutes, it received more than 3,600 preorders, each requiring a 10,000 yuan deposit.
Xiaomi’s electric car gross profit margins in August were similar to Xpeng’s that month, and have likely improved since, given ramped up production. Citi analysts increased their price target on Xiaomi to 30.60 Hong Kong dollars ($3.94), up from 22.70 HK dollars. They also raised forecasts for the company’s smartphone shipments, following the launch of Xiaomi’s flagship Mi 15 device Tuesday, the first phone to use Qualcomm’s newest chipset.
Xiaomi currently only sells its cars in China. The company told CNBC earlier this year it would take at least two to three years for any overseas launch.
Source: [CNBC](https://www.cnbc.com/2024/10/30/chinese-smartphone-company-xiaomi-delivers-20000-su7-evs-in-october.html)
