Xiaomi says working on new EV model, current efforts focused on SU7 deliveries
Multiple media reports have previously suggested that Xiaomi‘s second model will be an all-electric SUV that will go into production in 2025.
The management of Chinese smartphone giant Xiaomi (HKG: 1810, OTCMKTS: XIACY) has admitted that it’s developing a new electric vehicle (EV) model, after rumors about its product lineup circulated multiple times before.
Xiaomi is indeed working on a new model, but right now the company is focused on delivering the Xiaomi SU7, the smartphone maker’s president Lu Weibing said during an earnings call yesterday.
As for information on the new model, Lu said it’s not yet time to disclose it under a strict confidentiality policy.
Xiaomi’s EV arm Xiaomi EV launched the SU7 sedan on March 28, offering three versions — standard, Pro, and Max — with starting prices of RMB 215,900 ($29,810), RMB 245,900, and RMB 299,900, respectively.
Deliveries of the standard and Max versions of the SU7 began in April, while deliveries of the SU7 Pro began earlier this month. In April, Xiaomi delivered 7,058 SU7 units.
Xiaomi aims to start producing and selling an SUV (sport utility vehicle) similar to Tesla’s (NASDAQ: TSLA) Model Y as early as 2025, according to a May 13 Bloomberg report.
Xiaomi benchmarked its envisioned SUV to Tesla‘s during development, Bloomberg said, citing a person familiar with the matter.
Xiaomi doesn’t expect the SUV to be in production until late 2025 at the earliest, when the second phase of the company’s assembly plant in Beijing is completed, a person familiar with the matter said, according to the report.
Xiaomi’s second model will be an all-electric SUV, and the company is also planning another new model with a lower price tag, local media outlet 36kr said in an April 23 report.
In addition, Lu revealed during yesterday’s earnings call about the composition of the order book for the Xiaomi SU7, saying that the proportion of the highest-priced Max version is more than 40 percent, while the lowest-priced standard version accounts for 30 percent, and the Pro version is 30 percent.
“I think our order structure is also very healthy,” Lu said.
He also mentioned that more than 50 percent of Xiaomi SU7 buyers have Apple devices and the number of females is close to 30 percent.
Additionally, Xiaomi’s management mentioned that the Xiaomi EV aims to deliver at least 100,000 units throughout 2024 and will challenge the delivery target of 120,000 units.
($1 = RMB 7.2419)
