Xiaomi reported on Tuesday it delivered more than 29,000 vehicles in March, surpassing the 20,000 units threshold for the sixth consecutive month and setting a new monthly record.
The tech giant said in mid-March that its cumulative deliveries reached 200,000 units. On the same day, Xiaomi‘s founder and chief executive Lei Jun lifted the company’s annual target by 50,000 units to 350,000. In 2024, the company delivered 135,000 vehicles.
Xiaomi vs Tesla
Xiaomi launched its first electric sedan, the SU7, a year ago. The model competes directly with Tesla’s Model 3 in China. For the first time in December, weekly registrations of Xiaomi’s sedan outperformed the sedan from the U.S. carmaker.
The company launched the SU7 Ultra in late February, securing 10,000 orders within the first two hours. Amid the launch event, Lei Jun revealed that the production target for the model this year was 10,000 units, aiming to position the Ultra trim to compete with premium/ performance brands such as Porsche.
“This model aims to set new premium standards, and initial demand has been strong, with pre-orders exceeded 19,000 units and locked-in orders exceeded 10,000 units within the first 3 days after launch, achieving the annual target ahead of schedule,” the company said in a statement.
The YU7 model, an electric SUV, will be launched in “June/ July” and will rival Tesla’s refreshed Model Y.
Industry data shared earlier this Tuesday showed that, between March 24 and 30, Xiaomi registered 7,800 vehicles in China. The figures represent a week over week increase of 18.2% and the best week year to date.
Factory Expansion
Bloomberg reported last month that Xiaomi is expanding its second electric vehicle factory plant in Beijing, where the company is based.
The current production facility has an annual capacity of 150,000 units. Beijing’s land authorities revealed plans for a plot of land about 52 hectares in size adjacent to Xiaomi‘s factory.
The brand is set to open 33 stores in April after having closed March with over 230 locations across 65 cities in China.
SU7’s Fatal Crash
Last Saturday, an accident involving the SU7 model victimized three people on a highway in the Anhui Province, China, as confirmed by the brand in a social media statement this Tuesday.
According to Xiaomi, the vehicle was operating in intelligent driving mode before the crash, with the driver manually taking control before colliding with an obstacle. The vehicle then erupted into flames and exploded.
The vehicle driving data and system operation information were submitted to the police, according to the brand. The full data reconstruction of the crash is pending, with families questioning the brand as to why the doors didn’t open post-collision.
In reaction, Xiaomi’s Hong Kong-listed shares dropped 5.5% on Tuesday.
