Xiaomi Automotive is poised for significant growth as it concluded 2024 with remarkable delivery figures, solidifying its presence in the electric vehicle (EV) market. The company reported a total of 135,000 units delivered of its flagship SU7 EV, which launched in March 2024. This achievement suggests a vigorous market performance, outpacing initial expectations.
Xiaomi Automotive, a spin-off from the well-established electronics manufacturer Xiaomi Inc., has been rapidly evolving since its inception three years ago. The company capitalised on its extensive manufacturing knowledge to develop the SU7, a model that exceeded production anticipations due to overwhelming consumer interest. Following its launch, Xiaomi secured over 50,000 orders within the first 27 minutes, prompting the company to enhance its manufacturing output. Initially targeting an assembly of 60,000 EVs for 2024, the unprecedented demand led Xiaomi to ramp up production efforts dramatically. Within the first month post-launch, the company had already produced 10,000 vehicles and maintained that momentum throughout the year.
By July 2024, Xiaomi had completed updates to its production lines, indicating prospects of exceeding its initial production forecasts. In mid-November, Xiaomi's founder, chairman, and CEO Lei Jun revealed that the company had already achieved a milestone of 100,000 EVs produced, with projections to reach around 120,000 units by the year’s end.
As 2024 closed, the company emerged confidently, surpassing its targets once again. Celebrating its achievement, Xiaomi took to the social media platform Weibo, announcing a total of over 135,000 SU7 EV deliveries, a figure confirmed by Jun during a live video session with Chinese media.
Looking ahead to 2025, Xiaomi aims to significantly increase production capabilities, targeting 300,000 EV deliveries. This ambitious goal is supported by the ongoing expansion of its manufacturing facility located in Beijing, which has been under construction since late 2021. Currently, the facility operates under phase one, which has so far facilitated substantial output. Phase two of this facility is projected to be completed by June 2025 and will enable the production capacity to potentially reach 300,000 vehicles annually.
In December 2024, Xiaomi unveiled its second vehicle model, an SUV named the YU7, slated for release in China during the summer of 2025. The anticipated demand for the YU7 is expected to bolster the company’s revenue streams and might fortify its production capabilities. Observers are keen to see whether Xiaomi will achieve its audacious delivery target of 300,000 units by the end of 2025, with speculation already addressing the potential of surpassing that goal well ahead of schedule given the current trajectory.
Source: Noah Wire Services