Xiaomi raises delivery targets again for its new EV, 'as demand rises'

China's Xiaomi reported 30.5% growth in third-quarter revenue for its EV business, and the company also raised its annual delivery target for SU7 series EVs to 130,000 units.

Back in May, Xiaomi – the world's third largest smartphone manufacturer – said it planned to build 100,000 EVs by the end of the year, and the company is well on its way to achieving that goal. CEO Lei Jun said on his social media account that the company is reaching its previous target of 120,000 for its first EV “as demand increases,” Reuters reported.

Last December, Xiaomi launched its first car, the SU7, which was officially launched in March, offering three versions – Standard, Pro, and Max, with the Standard starting at $30,761 – strategically about $4,000 cheaper than the price of Tesla's Model 3 in China. A souped-up version of the hypercar, the Ultra, has also been revealed.

Since its launch, the SU7 has been a hit in China and will easily surpass production targets of 100,000 units one month ahead of schedule. To boost that momentum, Xiaomi now expects to complete construction of its EV factory expansion in mid-2025, which should boost its numbers even more — at least, that's the goal.

In the third quarter of this year, Xiaomi said it delivered 39,790 units of the SU7, with total sales from the launch in March to the end of September reaching 67,157 units.

Huatai Securities predicted that Xiaomi will deliver 400,000 EVs by 2025, with its EV business accounting for about a fifth of revenue compared to 8% this year, Reuters reported.

Of course, analysts predicted that the company will lose money with its SU7, which is estimated at $ 10,000 a car, but the smartphone maker has a structured cash position of $ 15 billion to help it weather the storm.

While facing a lot of competition in China from the likes of BYD, the company, for one, is very attractive to Chinese consumers, who are already familiar with its products and interfaces. In addition to the attractive price point, the SU7 is a connected car that syncs with other devices. Compared to other EV makers, Xiaomi, too, has an edge in software and a jumpstart in autonomous driving, which it has been testing on the roads for a few years.

The company says it plans to invest $10 billion over the next 10 years in building its EV empire, reports say. By the end of the year, the company expects to expand to 22 stores, 135 service centers, and 53 delivery points in 59 cities.

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