The new target means that Xiaomi is set to deliver 30,000 units in the next less than one and half months.
Chinese smartphone giant Xiaomi (HKG: 1810, OTCMKTS: XIACY) has met its delivery target of its first electric vehicle (EV) model, the SU7, ahead of schedule for this year, and has unveiled a higher target.
“Xiaomi SU7 deliveries have exceeded 100,000 units, and we have achieved our full-year target ahead of schedule,” Lei Jun, the company's founder, chairman, and CEO, announced today on Weibo.
Xiaomi will challenge a new target of 130,000 units delivered for the full year 2024, Lei added. The new target is a further increase from the previous upwardly revised target of 120,000 units.
Xiaomi officially launched the SU7 on March 28, offering three versions -- Standard, Pro, and Max -- with starting prices of RMB 215,900 ($29,800), RMB 245,900, and RMB 299,900, respectively.
Deliveries of the Standard and Max versions of the SU7 began in April, and deliveries of the SU7 Pro began in May.
During its first quarter earnings call on May 23, Xiaomi's management mentioned that Xiaomi would deliver at least 100,000 units for the full year of 2024 and would challenge the delivery target of 120,000 units.
The 100,000th unit of the SU7 rolled off the production line on November 13, just 230 days after the model was launched.
Over the past few months, Xiaomi has not announced specific figures for monthly deliveries, saying only that monthly deliveries exceeded 10,000 units in each 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 story.
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 was challenging the 24,000-unit monthly production to ease the delivery pressure, implying that capacity utilization is close to 200 percent, the report said.
Xiaomi SU7 Ultra starts pre-sales at $114,200, official launch set for Mar 2025
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