Chinese startup Xiaomi proclaimed early triumph in its penetration of the crowded electric vehicle market in China in just the first month of launching its inaugural offering.
The Xiaomi SU7 sedan secured more than 70,000 locked-in orders since it hit the market in late March 2024, Reuters reports, citing Founder/CEO Lei Jun’s remarks on Tuesday.
Xiaomi SU7 receives 70K+ locked-in orders
Xiaomi, the smartphone giant, proudly announced that its first-ever electric vehicle model has received over 70,000 locked-in orders in just the first month of opening order books.
Founder/CEO Lei Jun asserted that the SU7 (Speed Ultra 7) has gained popularity in the Chinese market amid an intensifying price war among automakers.
Now, the company aims to hit 100,000 unit sales in 2024 alone. It also announced plans to remain “100% focused” on the world’s largest auto market for the subsequent three years before expanding globally.
According to the Xiaomi boss, the customer demand for the new SU7 electric sedan was approximately 3-4 times higher than they expected.
Xiaomi compromises profit
Xiaomi’s SU7 electric sedan has arrived in the Chinese electric vehicle market amid an ongoing price war among industry leaders, including BYD and Tesla.
The SU7 sells at a very appealing price tag of sub-$30,000 for the entry-level variant. It is more affordable than the popular Tesla Model 3 by $4,000 in China. Refer to the table for the Xiaomi SU7’s pricing:
| Xiaomi SU7 Trim | Standard | Pro | Max |
| Starting MSRP | RMB 215,900 ($29,875) | RMB 245,900 ($34,000) | RMB 299,900 ($41,500) |
With all that said, Xiaomi projected to lose money on the electric sedan. CEO Lei further noted on Tuesday that most of its partners also supplied premium global brands like Mercedes Benz, BMW, and Audi.
“With such expensive suppliers and such expensive parts, the gross profit margin will not be very high. I estimate that the gross profit margin will be around 5-10%.”
Founder/CEO Lei Jun
Therefore, Xiaomi seeks to boost manufacturing capacity and get cost support from its automotive suppliers.
Key specifications
Presented below are the key specifications of the new Xiaomi SU7:
| Xiaomi SU7 Trim | Standard | Pro | Max |
| Architecture | 400V | 400V | 800V |
| Powertrain | RWD | RWD | AWD |
| Battery | 73.6 kWh BYD Blade | 94.3 kWh CATL Shenxing | 101 kWh CATL Qilin |
| CLTC Range | 700km (435 miles) | 830km (516 miles) | 800km (497 miles) |
| Power | 299 hp (220 kW) | 299 hp (220 kW) | 673 hp (495 kW) |
| Torque | 400 Nm | 400 Nm | 838 Nm |
| 0-100km/h Acceleration (0-62mph) | 5.28 seconds | 5.70 seconds | 2.78 seconds |
| Top Speed | 210 km/h (130.5 mph) | 210 km/h (130.5 mph) | 265 km/h (165 mph) |
| Fast Charge Time (10-80%) | 25 minutes | 30 minutes | 19 minutes |
| 15-minute DC charge | 350km (218 miles) | 350km (218 miles) | 510km (317 miles) |
Xiaomi arrives as a strong contender in the crowded electric vehicle marker in China. It reportedly plans to further invest 11-12 billion yuan to expand its automotive business and develop the operating mobile system of its mobile phones this year. The Chinese startup aims to advance as one of the top five automakers worldwide in 15 to 20 years.
