Xiaomi is gearing up to unveil its second electric vehicle (EV) early next year after surpassing its 2023 delivery target of 100,000 units ahead of schedule, according to local media reports.
The new model, internally codenamed MX11, is an all-electric SUV set to debut in February or March 2024, according to a Xiaomi insider cited by Caijing. It will share its platform and components with Xiaomi’s first EV, the SU7 sedan, but feature a distinct design aimed at competing directly with Tesla’s Model Y.
Xiaomi founder and chairman Lei Jun previously announced that the production version of the SU7 Ultra, a higher-performance variant of the SU7, would officially launch in March 2025. The SU7 Ultra, priced at RMB 814,900 ($112,590), is nearly four times the starting price of the regular SU7, which launched in March 2023.
The company has set an ambitious target of delivering 130,000 units in 2024, up from its earlier challenge goal of 120,000 units. The new SUV is expected to follow Xiaomi’s competitive pricing strategy, likely undercutting the Tesla Model Y, which retails for RMB 249,900 to RMB 354,900.
Xiaomi is also expanding its production capabilities. The second phase of its EV factory, which began construction recently, is slated for completion by June 2025, with operations commencing by August. Once fully operational, the plant will boost Xiaomi’s EV production capacity to 300,000 units annually.
Lei Jun, in a social media post earlier today, mentioned visiting the Xiaomi EV factory early this morning but did not disclose further details.
