Xiaomi’s EV Surge: 130,000 SU7 Deliveries Targeted For 2024

Xiaomi is rapidly establishing itself in the electric vehicle (EV) market, dramatically increasing its delivery targets and showing impressive growth in its automotive sector.

Xiaomi Raises Delivery Goals

The company has now set a goal to deliver 130,000 units of its first EV, the SU7 sedan, in 2024 – a significant increase from its initial target of 76,000 vehicles. This target comes after the company delivered 39,790 SU7 units in Q3, bringing total sales to 67,157 units since the March launch.

CEO Lei Jun attributes the target increase to “surging demand” for the SU7, which has been strategically priced at around $30,761 – about $4,000 cheaper than Tesla’s Model 3 in China. The EV offers three variants: Standard, Pro, and Max, with a recent Ultra version also unveiled.

Financial Growth Despite Losses

Financially, Xiaomi’s EV business reported a robust 52.1% quarter-on-quarter revenue increase, reaching RMB 9.5 billion yuan ($1.31 billion) in Q3. Despite the growth, the automotive division is still operating at a loss, with an adjusted net loss of RMB 1.5 billion (around $207 million).

The company is investing heavily in its EV future, planning to spend $10 billion over the next decade. By year’s end, Xiaomi expects to expand to 22 sales stores, 135 service centers, and 53 delivery hubs across 59 cities.

Ready for China’s EV Boom

Xiaomi’s competitive edge lies in its strong brand recognition, competitive pricing, and advanced software integration. The company has been testing autonomous driving technology and recently showcased a quad-motor system with over 2,000 horsepower in its SU7.

Read More: Xiaomi Hits 100,000th SU7 EV Milestone In Record Time

As China’s EV market continues to grow – with electric and plug-in hybrid vehicles (PHEVs) now accounting for over half of auto sales – Xiaomi appears well-positioned to become a significant player in the increasingly competitive landscape.

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