Tuesday, July 16, 2024

Xiaomi Aims to Deliver 100,000 Electric Vehicles in 2024, Capacity Remains a Challenge

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Xiaomi, the Chinese smartphone giant turned electric vehicle (EV) manufacturer, has set an ambitious target of delivering 100,000 units of its first EV model, the SU7, this year. However, capacity constraints pose a significant challenge to achieving this goal.

Announced by Xiaomi founder, chairman, and CEO Lei Jun at an investor conference, the company has already secured more than 70,000 locked-in orders for the SU7 as of April 20. This strong demand is a testament to users’ trust in Xiaomi’s brand, as noted by the company’s president, Lu Weibing, on Weibo.

The Xiaomi SU7 was officially launched on March 28, offering three trims – standard, Pro, and Max – with starting prices ranging from RMB 215,900 to RMB 299,900 ($29,800 to $41,400). Deliveries of the standard and Max versions are set to begin at the end of April, with the Pro version following at the end of May.

To meet the increasing demand, Xiaomi has been ramping up production at its EV factory in Yizhuang, Beijing. The factory, with a planned annual capacity of 300,000 units, was completed in two phases. The first phase, completed in June 2023, has an annual capacity of 150,000 vehicles. The second phase, scheduled to start construction in 2024 and expected to be completed in 2025, will also have an annual capacity of 150,000 units.

However, due to the current production constraints, Xiaomi’s maximum production capacity for the SU7 this year is estimated to be around 100,000 units. The company has been working closely with suppliers to increase production capacity, particularly for the higher-trim variants.

According to reports, Xiaomi EV had planned to produce more than 3,000 units per month by March, with production expected to stabilize at the 6,000-unit level by the end of the year. Despite these challenges, Xiaomi remains optimistic about the future of its EV business and is committed to meeting the growing demand for its electric vehicles.

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