- The SU7 Ultra has a starting price of RMB 529,900 ($72,750). In China, 121,000 sedans priced at over RMB 500,000 were sold in 2024.
- Firm orders for the SU7 Ultra have reached 19,000 units, with locked-in orders exceeding 10,000 units.
Xiaomi (HKG: 1810, OTCMKTS: XIACY) began deliveries of the SU7 Ultra, with the ultra-performance electric sedan seeing orders that exceeded the company's expectations.
Xiaomi EV, the company's electric vehicle (EV) division, delivered the SU7 Ultra to its first owners today at its car factory in Beijing, it announced on Weibo.
Xiaomi officially launched the SU7 Ultra on February 27, the company's electric sedan with 1,548 Ps of maximum horsepower based on the regular SU7.
The model starts at RMB 529,900 ($72,750), which is RMB 285,000, or 34.97 percent, below Xiaomi's previously marketed pre-sales price of RMB 814,900.
The regular SU7 was officially launched on March 28 last year at a starting price of RMB 215,900 yuan. The model received more than 248,000 locked-in orders last year, with a cumulative total of more than 135,000 units delivered.
The SU7 Ultra received over 6,900 orders within 10 minutes of opening for ordering and reached its annual sales target of 10,000 units in 2 hours, Xiaomi EV previously said.
Lei Jun, founder, chairman and CEO of Xiaomi, said today that the number of firm orders for the SU7 Ultra had reached 19,000 units and the number of locked-in orders had exceeded 10,000 units, achieving the full-year target ahead of schedule.
Xiaomi EV is offering firm order holders a 7-day hesitation period during which they can get a refund on the RMB 20,000 deposit. Deposits for locked-in orders are non-refundable.
On February 5, Lei said Xiaomi's sales target for the SU7 Ultra in 2025 is 10,000 units.
The target was previously seen as conservative, considering Xiaomi is a household name in China. Lei explained on Weibo today why the conservative target was set.
For sedans priced above RMB 500,000, sales in China totaled 121,000 units for the whole of last year, Lei said on Weibo.
"The SU7 Ultra was originally planned to have a sales target of 10,000 units this year, which is by no means a low target, but sales have progressed far beyond expectations so far," he said.
Lei said orders for the Ultra have far exceeded expectations, and he continues to talk with his team about boosting the model's production capacity.
($1 = RMB 7.2838)
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