Xiaomi Deliveries Jump to 20,000 SU7 EVs in October
Chinese smartphone company Xiaomi announced the delivery of more than 20,000 SU7 electric vehicles (EVs) in October. This marks a significant milestone for Xiaomi’s electric car venture in the fiercely competitive market. The company reiterated plans to deliver 100,000 SU7 vehicles by the end of November.
Xiaomi’s basic version of the SU7 was released in late March for about $4,000 less than Tesla’s cheapest car, the Model 3, in China at the time. Since then, Xiaomi has delivered more than 75,000 SU7 cars.
In comparison, Chinese rivals Xpeng and Nio took about six years to produce 100,000 electric cars. However, Xpeng delivered a monthly record of more than 20,000 cars in September, with about half owed to its newly launched, lower-cost brand Mona. Nio has struggled to keep monthly deliveries above 20,000 cars.
Zeekr, an electric car brand founded by automaker Geely, claimed to have produced more than 100,000 vehicles in 1.5 years. Data on other Chinese electric car companies’ deliveries for October is expected soon.
Xiaomi’s Electric Car Venture
“News of 20,000 deliveries in October confirms that [Xiaomi] is going to be a force to reckon with in the world’s largest EV market,” said Brian Tycangco, an analyst at Stansberry Research.
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.
High-End Sports Version of SU7
Xiaomi also announced the launch of a high-end sports version of the SU7, called the SU7 Ultra, starting at 814,900 yuan ($114,304). The company received over 3,600 preorders within 10 minutes, each requiring a 10,000 yuan deposit.
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.
Market Performance
Tesla’s Model Y was the best-selling battery-powered electric car in China in September, with 48,202 vehicles sold, according to data from Chinese car industry site Autohome. Xiaomi’s SU7 ranked 17th with 13,559 cars sold.
Xiaomi currently only sells its cars in China, with plans for an overseas launch in at least two to three years.
SU7 Ultra Specifications
* Price: 814,900 yuan ($114,304)
* Top speed: 250 km/h (155 mph)
* 0-60 mph: 3 seconds
* Range: up to 760 km (472 miles)
* Charging time: 30 minutes for 80% charge
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