Xiaomi on track to reach 120,000 units delivered of its SU7 saloon by the end of the year

Xiaomi, the renowned Chinese consumer electronics manufacturer -and now also of electric vehicles-, is marking a new milestone in its business trajectory with the launch of the electric saloon SU7 on the Chinese market. During the presentation of its quarterly financial results, the company has revealed some data of great interest about this new business segment.

In the second quarter of 2024, Xiaomi managed to deliver a total of 27,307 units of the SU7, after starting to put this electric saloon into the hands of its customers from 3 April onwards. This effort generated sales worth 6.2 billion Chinese yuan, which at the exchange rate amounts to about 800 million euros. With a gross business margin of around 15.4 percent, according to the company.

But the best was yet to come, as SU7 production and deliveries have only increased since then. In July, the SU7 became the best-selling electric saloon in China with 13,120 units, clearly ahead of the Tesla Model 3, with 9,928 units. Furthermore, the implementation of double shifts in production during the summer has boosted optimism in the company’s management, which now believes it can reach 100,000 vehicles delivered by next November, thus maintaining its initial target of bringing 120,000 units to market throughout this year 2024.

Xiaomi is going all out in its new venture as a manufacturer of electric cars

The Chinese manufacturer’s sales strategy for the coming months includes a significant expansion of its physical points of sale in its home market. At the end of July, the company already had more than 100 stores spread across 34 cities in China, but the company expects there to be many more.

It is also worth noting that, in the field of driving assistance, Xiaomi already has its NOA function –Navigate on Autopilot– operational in its vehicles in 10 cities in mainland China as of 6 June 2024, with the intention of expanding this function nationwide this very August.

The SU7 is available on the Chinese market in three versions. The standard one features a 73.6 kWh LFP battery pack from the also Chinese manufacturer BYD and a single rear-axle motor of 220 kW. The price of this version starts at 215,900 yuan, which at the exchange rate amounts to about 27,600 euros. Likewise, one step up in the range is the Pro version, which also uses a single 220 kW rear-axle motor, but in this case paired with a 94.3 kWh battery pack with CATL NMC cells. Its price is 245,900 yuan, about 31,500 euros.

Finally, at the top of the range, the SU7 Max features dual electric motors and all-wheel drive with a combined output of 495 kW, while the battery pack supplied by CATL is NMC with a capacity of 101 kWh. Chinese customers interested in this high-performance version must pay a minimum of 299,900 yuan to acquire it. That is, about 38,390 euros at the exchange rate.