Xiaomi’s SU7 Drives Strong EV Sales With Over 27,000 Units Delivered For Q2 2024

Xiaomi is creating waves in the electric vehicle (EV) market with its SU7 sedan, showcasing strong delivery numbers and plans for global expansion as it is quickly gaining momentum to challenge established players as a newcomer. 

In its latest financial report, Xiaomi revealed that it delivered 27,307 units of the SU7 series in Q2 2024, generating revenue of 6.2 billion yuan (around $867.7 million) from its EV business. The company’s innovative businesses including smart EVs, achieved a gross margin of 15.4% during this period.

Xiaomi’s CEO, Lei Jun, has set a goal for the company to become one of the world’s top five automakers within the next 15 to 20 years. To support this vision, the company has increased its annual delivery target for 2024 to 120,000 units, up from the previously announced 100,000. Xiaomi expects to reach the 100,000 cumulative delivery milestone by November, thanks to the introduction of double-shift production at its plant in June.

The SU7 is currently available in three trims in China: the standard model with a 73.6 kWh LFP battery, the Pro version with a 94.3 kWh NMC battery, and the top-tier Max variant featuring all-wheel drive and a 101 kWh NMC battery. Prices range from 215,900 yuan (around $30,200) for the base model to 299,900 yuan ($42,000 ) for the Max version.

The SU7 has been particularly successful in its home market, with Xiaomi reporting that it became the best-selling electric sedan in China in July, surpassing the Tesla Model 3. The company has also been expanding its retail presence, with 102 shops across 34 cities in China by the end of July.

Moreover, Xiaomi is setting its sights on international markets, particularly Europe. The company showcased the SU7 in Paris during the 2024 Olympic Games, hinting at future global availability. In addition, Xiaomi has been testing its high-performance SU7 Ultra trim at the Nürburgring track in Germany, achieving speeds over 350 km/h (217.5 mph).

Furthermore, Xiaomi is also making strides in autonomous driving technology, having launched its urban Navigate on Autopilot (NOA) function in 10 Chinese cities in June 2024. The company plans to roll out this feature nationwide by August 2024.

Notably, Xiaomi recently acquired a 53-hectare (131-acre) plot of land in Beijing’s Yizhuang district for 842 million yuan ($116 million), potentially increasing its annual production capacity to 300,000 units once completed.

Read More: Xiaomi Expands EV Production With $116 Million Land Acquisition in China

As Xiaomi continues to invest heavily in its EV ambitions, the company is positioning itself as a serious contender in the global EV market. With strong initial sales, ambitious expansion plans, and ongoing technological developments, Xiaomi’s journey from smartphone manufacturer to automotive innovator is one to watch closely in the coming years.

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