Chinese tech giant Xiaomi has made significant strides in the electric vehicle (EV) market, delivering over 20,000 SU7 EVs in October. This development marks a critical milestone as the company ramps up production in the highly competitive EV sector.
The SU7, Xiaomi’s first electric vehicle, was launched in late March at a price point slightly lower than Tesla’s Model 3 in China. Since then, Xiaomi has delivered more than 75,000 units, with plans to hit 100,000 by the end of November.
In addition to the standard SU7, Xiaomi has announced preorders for the high-end sports model, the SU7 Ultra. Starting at 814,900 yuan ($114,304), the SU7 Ultra will be available in March 2025. Early interest is high, with over 3,600 preorders placed within the first 10 minutes, each secured by a 10,000 yuan deposit.
Citi analysts have raised their forecast for Xiaomi’s vehicle deliveries to 250,000 for the next year, reflecting growing confidence in the brand’s automotive ambitions. This optimism is bolstered by the SU7 Ultra’s performance on the Nurburgring race track, where it set a record for the fastest four-door sedan.
Xiaomi’s push into the EV market is part of a broader strategy to diversify beyond its traditional smartphone and home appliance offerings. The company first announced its automotive plans in 2021 and has quickly established a dedicated manufacturing plant.
Despite its rapid progress, Xiaomi faces stiff competition from established players like Tesla, Xpeng, and Nio. However, its competitive pricing and innovative features are positioning it as a formidable contender in China’s EV market.
While Xiaomi currently sells only within China, the company has indicated plans for international expansion in the coming years.
As Xiaomi continues to innovate and expand, its impact on the global EV landscape will be closely watched.
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