Xiaomi founder, chairman, and chief executive officer Lei Jun said at an investor conference on Tuesday that the Chinese tech company has secured lock-in orders of more than 70,000 SU7 cars as of April 20. Xiaomi is aiming to deliver over 100,000 units of its first-ever electric car in 2024, according to information shared by the company’s president Lu Weibing, relaying key takeaways from Lei Jun, on Weibo.
“The current order lock-in momentum continues to be strong, thanks to users’ trust in Xiaomi,” Lu wrote on Weibo and as read on CNEVPOST.
The Chinese tech major made a grand entry into the electric vehicle market with the launch of its first car model, the Xiaomi SU7, in December last year. At the event, Xiaomi’s chief executive officer Lei Jun emphasized SU7’s superior acceleration capabilities, surpassing benchmarks set by Porsche’s Taycan and Tesla’s Model S.
SU7 comes in three models: standard, Pro, and Max. The standard model starts at RMB 215,900 (around $29,800), while the SU7 Pro costs RMB 245,900, and the Max variant is priced at RMB 299,900. The company began deliveries of the SU7 EV with a limited “Founder’s Edition” batch of 5,000 cars from April 3. According to a report, the company has also begun delivering the standard model of SU7 from Thursday in Beijing and Shenzhen. The deliveries of Pro and Max variants are reported to begin at the end of next month.
Xiaomi’s electric vehicle factory is situated in Yizhuang, Beijing, with a reported estimated yearly production capacity of 300,000 units. The plant will be built in two stages, each with an annual production capacity of 150,000 units. Phase one of the facility was finished in June last year, while the second phase is slated to begin construction in 2024 and is slated for completion by 2025.
With its entry into China’s already crowded EV space, Xiaomi is set to stir fierce competition. Despite the competitive landscape, analysts believe Xiaomi has advantages such as deeper financial resources than many EV startups, and its expertise in smartphones that could be translated to a superior smart dashboard. Early reviews have also commended the SU7‘s sleek, minimalist design along with acceleration (especially the SU7 Max variant), handling, and extensive customizability options.
