Xiaomi, a prominent Chinese smartphone manufacturer, recently announced the availability of the sports car version of its SU7 electric sedan for preorders at a price exceeding $110,000. This move comes as Xiaomi continues to make strides in the competitive electric car market in China.
In October, Xiaomi revealed that it had successfully delivered over 20,000 units of the SU7 EV, showcasing its commitment to ramping up production for its electric car venture. The company aims to achieve a milestone of delivering 100,000 SU7 vehicles by the end of November. This achievement is particularly impressive considering Xiaomi’s debut in the car manufacturing industry in 2021, followed by the establishment of a dedicated manufacturing plant.
The SU7, Xiaomi’s first electric car, was initially launched in late March at a price point approximately $4,000 lower than Tesla’s Model 3 in China. Subsequently, Tesla adjusted its pricing to remain competitive. To date, Xiaomi has successfully delivered over 75,000 SU7 cars, including the latest figures from October.
Comparatively, Chinese competitors such as Xpeng and Nio took several years to reach the milestone of producing 100,000 electric cars. Xpeng notably achieved a monthly record of over 20,000 car deliveries in September, partially driven by the success of its lower-cost brand, Mona. On the other hand, Nio has faced challenges in maintaining monthly deliveries above the 20,000 mark.
Zeekr, an electric car brand under the Geely umbrella, has demonstrated rapid growth by producing over 100,000 vehicles in just 1.5 years. The company achieved a record delivery of 21,333 cars in September, underscoring its strong performance in the market.
Xiaomi’s latest announcement includes the commencement of preorders for the high-end sports version, SU7 Ultra, starting at 814,900 yuan ($114,304). The company received an overwhelming response, with over 3,600 preorders placed within 10 minutes, each requiring a 10,000 yuan deposit. The SU7 Ultra is set to be released in March 2025 and boasts impressive achievements on the Nurburgring race track in Germany, positioning Xiaomi to drive sales of its premium SU7 Max car.
In light of these developments, analysts have revised their forecasts for Xiaomi, anticipating the delivery of 250,000 cars next year. The company’s stock price target has been raised, reflecting positive market sentiment towards Xiaomi’s growing presence in the electric car industry.
Furthermore, Xiaomi’s foray into the electric car market has not overshadowed its core business of smartphones. The recent launch of Xiaomi’s flagship Mi 15 device, powered by Qualcomm’s latest chipset, has also garnered attention and contributed to an optimistic outlook for the company’s smartphone shipments.
While Tesla’s Model Y remains the best-selling battery-powered electric car in China, Xiaomi’s SU7 has made significant strides, ranking 17th in sales figures for the previous month. Xiaomi’s focus on the domestic market suggests a deliberate strategy, with plans for an overseas launch expected in the coming years.
In conclusion, Xiaomi’s expansion into the electric car market marks a significant milestone for the company, positioning it as a formidable player in China’s rapidly evolving automotive landscape. As Xiaomi continues to innovate and deliver on its promises, the future looks promising for this tech giant in the realm of electric vehicles. The rapid advancement of technology has revolutionized the way we live, work, and communicate. With the rise of smartphones, social media, and the internet, our world has become more interconnected than ever before. As a result, our daily lives have become increasingly digitized, with many of our interactions and transactions taking place online.
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