Xiaomi jacks SU7 EV delivery target for 2024 up to 130,000 units

Xiaomi is having the dream market entry of any company introducing a completely new product. Banking on its success in the consumer electronics world, where it controls the 3rd largest share of the phone market, Xiaomi initially set its sights on the EV sector with the target of delivering 100,000 units of its first EV, the SU7, in 2024.

Having smashed the goal, Xiaomi is now taking it a notch higher. Company CEO Lei Jun revealed on social media that the company will now work hard to manufacture and ship 130,000 SU7 vehicles in total by the end of 2024.

The latest revision was due to a surge in demand for the company's first ever model, which has generated exceptionally good reviews. This includes a rave review from the CEO of rival automaker Ford, Jim Farley, who was reluctant to part ways with the inaugural model after flying one to the US and personally driving it. Xiaomi reported a massive 30.5% jump in EV revenue between the 2nd and 3rd quarters of 2024, thanks to the growing popularity of the SU7. The new electric car managed to steal market share despite the rising competition in the Chinese EV market. The under $30,000 starting price (about $4,000 more affordable than the Tesla Model 3) and the attractive styling that takes inspiration from Porsche helped the product stand out among the sea of cheaper EVs produced in China.

Xiaomi is going all in with its new EV business. It has boosted its production capacity, and its facility is now capable of producing 20,000 units per month. That being said, Xiaomi's automotive business has yet to become profitable, having reported an adjusted loss of 1.5 billion yuan ($207 million) in Q3 2024. This has not dampened expectations; Huatal Securities expects Xiaomi to deliver 400,000 EVs next year, with the EV unit accounting for about 20 percent of its total revenue, up from 8% in 2024.