Xiaomi EV saw the 100,000th unit of the SU7 roll off the assembly line, with the 100,000th delivery milestone expected to be reached later this month.
Xiaomi EV saw the 100,000th unit of its first production vehicle, the SU7, roll off the assembly line, marking a key milestone for the Xiaomi (HKG: 1810, OTCMKTS: XIACY) car-making unit.
Xiaomi founder, chairman and CEO Lei Jun shared the milestone on Weibo today, saying it comes just 230 days after the SU7 was launched.
“As a newcomer to the auto industry, this speed is already remarkable,” Lei wrote on Weibo, adding that the company will have a celebration ceremony later today.
Lei said he arrived at the Xiaomi EV factory early today and took a nap on the plant floor.
Beijing-based Xiaomi officially announced its entry into car building on March 30, 2021, and launched the SU7, a competitor to Tesla's (NASDAQ: TSLA) Model 3, on March 28 this year.
The SU7 is offered in three versions -- Standard, Pro, and Max -- with starting prices of RMB 215,900 ($29,850), RMB 245,900, and RMB 299,900, respectively.
On October 29, Xiaomi announced that the more powerful SU7 Ultra began pre-sales in China at a price of RMB 814,900, nearly four times the starting price of the regular SU7.
The SU7 Ultra will make its first public appearance at the Guangzhou auto show, which starts on November 15, with an official launch in March 2025.
Xiaomi expected to meet its target of 100,000 cumulative deliveries of the SU7 series ahead of schedule in November, and the company will challenge a new target of 120,000 deliveries for the full year of 2024, it had previously said.
Notably, the delivery of the 100,000th SU7 could be days away, taking into account factors including logistics.
Over the past few months, Xiaomi has not announced specific figures for monthly deliveries, only stating that monthly deliveries exceeded 10,000 units in each of the months of July-September, and more than 20,000 units in October.
In November-December, Xiaomi's SU7 production is expected to reach 24,000 units per month, local media outlet 36kr said in a November 5 report.
The SU7 is produced at a plant in Beijing, which has an annual capacity of 150,000 units in the first phase, with the second phase of the plant under construction.
Xiaomi EV's phase 1 plant, which has a design capacity of 12,500 units per month, had a capacity utilization rate of 160 percent in October, considering the SU7 delivered more than 20,000 units in October, the report noted.
The company is challenging the 24,000-unit monthly production to ease the delivery pressure, implying that capacity utilization is close to 200 percent, the report said.
($1 = RMB 7.2328)
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