Xiaomi an EV Hit 1810.HK
According to founder Lei Jun, Xiaomi, a Chinese smartphone manufacturer, has secured 75,723 orders as of April 24 for its stylish SU7 electric sedan. The company plans to deliver over 10,000 units in June.
During an event on the first media day of the Beijing auto show, Lei stated that the delivery target sets a record for an electric vehicle (EV) startup.
https://youtu.be/BZlgh17vUnc?si=4QGAn_q0hV1QcUMw
Less than a month after Xiaomi's first car was introduced in late March, orders that are considered "locked-in" have emerged. These orders are those in which purchasers have chosen to pay non-refundable deposits.
At an investor meeting on Tuesday, Lei stated that Xiaomi plans to maintain its car company "100% focused" on the Chinese market for the next three years, with over 100,000 SU7 deliveries anticipated by 2024.
Delivery of the SU7 standard and Max variants was accelerated by the firm to April 18, 12 days ahead of schedule. Xiaomi has previously stated that it intended to begin shipping Pro devices by the end of May in addition to the two trims.
In the largest auto market in the world, the introduction of the SU7, which takes style influences from Porsche and undercuts Tesla's Model 3 on pricing, fuels a scorching EV price war. Following the SU7's launch, automakers with comparable models announced price cuts and subsidies.
During Thursday's briefing, Lei invited talent from around the world to join Xiaomi's car-making ambitions, saying that the company's current 6,000-person auto team is far from enough.
Xiaomi Corporation was founded in April 2010 and listed on the Main Board of the Hong Kong Stock Exchange on July 9, 2018 (1810.HK). Xiaomi is a consumer electronics and smart manufacturing company with smartphones and smart hardware connected by an IoT platform at its core.
With an equal emphasis on innovation and quality, Xiaomi continuously pursues high-quality user experience and operational efficiency. The company relentlessly builds amazing products with honest prices to let everyone in the world enjoy a better life through innovative technology.
As of the second quarter of 2023, Xiaomi ranked among the top 3 in the global smartphone market, in terms of smartphone shipments, according to Canalys. The company has also established the world’s leading consumer AIoT (AI+IoT) platform, with 655 million smart devices connected to its platform, excluding smartphones, tablets and laptops, as of June 30, 2023. Xiaomi products are present in more than 100 countries and regions around the world. In August 2023, the company listed as Fortune Global 500 for the 5th consecutive year.
Xiaomi is a constituent of the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index and Hang Seng China 50 Index.
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