Xiaomi Sets Ambitious Target of 130,000 EV Deliveries Amid Surging Demand

 Lu Weibing, Xiaomi Partner and President

Xiaomi Corp, the Chinese electronics giant, has announced plans to deliver 130,000 electric vehicles (EVs) in 2024, revising its forecast for the third time this year. This comes after the company reported a 30.5% surge in third-quarter revenue.

CEO Lei Jun revealed on social media that the company raised its delivery target from 120,000 to meet rising demand for its debut EV, the SU7 sedan. This revised figure significantly surpasses the initial projection of 76,000 units set at the model's launch in March.

The SU7, inspired by Porsche designs, entered the competitive Chinese EV market with a starting price below $30,000—undercutting Tesla’s Model 3 by $4,000. EV sales, including plug-in hybrids, now dominate China’s auto market, accounting for over half of all sales. In October alone, sales of battery-powered vehicles rose by 56.7% year-on-year.

Xiaomi has doubled its production shifts since June to keep pace with demand and has introduced a premium model, the SU7 Ultra, priced above $110,000. According to Xiaomi President Lu Weibing, the company's factory can produce 20,000 vehicles monthly, with potential for further expansion.

"Our investment is still very substantial and we continue to improve our hardware and software. And basically it doesn't matter what the ultimate delivery level is, we are still investing very heavily. We are working on R&D (research and development) for new models," Lu said during a post-earnings call.

Source: Brenda Goh and Liam Mo / Reuters