China’s tech giant Xiaomi has once again raised its electric vehicle (EV) delivery target for 2024, aiming for an ambitious 130,000 units of its SU7 Series sedan. This marks the third upward revision this year, reflecting the company’s confidence in its expanding EV business.
Impressive Growth in EV Sales
Xiaomi’s third-quarter revenue surged by 30.5%, fueled by robust performance in its smart EV division. The SU7 sedan, the company’s first EV, has been a standout success. By the end of September, Xiaomi had delivered 67,157 units of the SU7 Series, including 39,790 units in Q3 alone. The momentum continued into October, with monthly deliveries surpassing 20,000 units. By mid-November, the company’s cumulative production of the SU7 had reached an impressive 100,000 units.
The SU7 Ultra: Record-Setting Performance
A significant contributor to the SU7’s growing demand is its performance credentials. The SU7 Ultra model set a new lap record at the Nürburgring Nordschleife, a globally renowned racetrack. This achievement has bolstered the sedan’s reputation, driving a surge in pre-orders and establishing Xiaomi as a serious player in the competitive EV market.
Revenue and Expansion Plans
Revenue from Xiaomi’s smart EVs and new initiatives reached 9.7 billion yuan, underlining the success of its diversification strategy. The company plans to scale production capacity and expand its retail network to meet the rising demand.
Aiming for Market Leadership
Xiaomi’s CEO Lei Jun has set an ambitious vision for the company’s EV future. The new delivery target of 130,000 units, significantly higher than the initial 76,000-unit goal, reflects confidence in the SU7 Series’ appeal and Xiaomi’s capability to compete with established EV manufacturers.
As Xiaomi scales its EV operations, its success in combining cutting-edge technology with automotive innovation positions it as a formidable contender in the global EV market.
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