EV, which originally had an April production plan of around 5,000 units, is negotiating with suppliers to increase production capacity, according to local media.

(Image credit: Xiaomi EV)

As of early April 2, Xiaomi (HKG: 1810, OTCMKTS: XIACY) has secured 40,000 locked-in orders for its first electric vehicle (EV) model, the SU7, local media Yicai reported today.

Xiaomi's car-making unit, Xiaomi EV, which originally had an April production plan of around 5,000 units, is already negotiating with suppliers to increase its production capacity, the report said, citing a person familiar with the matter.

However, it will take some time for the factory's capacity to climb, the report noted.

Xiaomi officially launched the SU7 at an event on the evening of March 28 and started taking customer orders at 10 pm on the same day.

The starting prices for the three versions of the SU7 are RMB 215,900 ($29,840), RMB 245,900, and RMB 299,900, respectively.

On March 29, Xiaomi said that the SU7 received 88,898 firm orders in the first 24 hours.

It's worth noting that Xiaomi counted deposit-refundable orders as firm orders, unlike other EV makers whose firm orders only include deposit non-refundable.

With factory capacity constraints, the SU7's delivery wait time has continued to get longer over the past few days.

As of this writing, the Xiaomi EV App shows wait times of 21-24 weeks for the standard SU7, 19-22 weeks for the Pro version, and 29-32 weeks for the Max version, meaning that customers ordering the model now will have to wait up to about 8 months.

The Xiaomi EV's factory is located in Yizhuang, Beijing, and has a planned annual production capacity of 300,000 units. The plant will be built in two phases, with the first and second phases having an annual capacity of 150,000 units each, according to a previous announcement.

The first phase of the plant, which was completed in June 2023, covers an area of about 720,000 square meters and have an annual capacity of 150,000 vehicles. The second phase is scheduled to start in 2024 and is expected to be completed in 2025, according to the Yicai report today.

Based on the capacity planning situation, Xiaomi SU7's maximum production will be around 100,000 units this year, the report noted.

($1 = RMB 7.2346)

Xiaomi may release SUV model by year-end, report says