Xiaomi, the Chinese smartphone giant turned electric vehicle (EV) maker, has exceeded its 2024 delivery target for its first EV model, the SU7, well ahead of schedule and has raised its full-year target to 130,000 units.
“Xiaomi SU7 deliveries have exceeded 100,000 units, and we have achieved our full-year target ahead of schedule,” Lei Jun, Xiaomi’s founder, chairman, and CEO, announced on Weibo on Tuesday. The company had previously revised its target upward to 120,000 units and has now set its sights on an ambitious 130,000 units for 2024.
The SU7, Xiaomi’s debut EV, was launched on March 28 in three variants: Standard, Pro, and Max, with starting prices of RMB 215,900 ($29,800), RMB 245,900, and RMB 299,900, respectively. Deliveries began in April for the Standard and Max models, while the Pro version followed in May.
Production of the SU7 has been robust at Xiaomi’s Beijing plant, which has an annual capacity of 150,000 units in its first phase. In October, the facility achieved a 160% capacity utilization rate, delivering over 20,000 units. Reports suggest production in November and December could reach 24,000 units monthly, bringing the utilization rate closer to 200%.
The 100,000th SU7 rolled off the production line on November 13, just 230 days after its launch. Xiaomi has consistently achieved monthly deliveries exceeding 10,000 units between July and September and over 20,000 units in October.
The company’s rapid progress underscores its commitment to expanding its footprint in the EV sector. “We are confident in our ability to meet and exceed the expectations of our customers and investors,” Lei said.
