Xiaomi Raises 2024 EV Target to 130,000 Units
Xiaomi Corp has increased its electric vehicle (EV) delivery target for 2024. Their new target is 130,000 units. This is the third time they've raised their target this year. The increase is due to a high demand for their first EV the SU7 sedan.
Initially Xiaomi set a target of 76,000 units when the SU7 launched in March. The strong market response led to multiple changes. The new target reflects Xiaomi’s strong push in the EV market.
The SU7 sedan's design is inspired by Porsche. They released with a base model priced below $30,000. This costs $4,000 less than Tesla's Model 3 in China. To meet demand Xiaomi increased production shifts in June. They also released a premium model the SU7 Ultra. This is priced above $110,000.
Xiaomi President Lu Weibing said that the factory can build 20,000 vehicles per month now. They plan to increase this number even more. The company is also working on new vehicles and improvements to autonomous driving technologies.
Xiaomi's third quarter sales went up by 30.5% which is $12.77 billion. This exceeded analyst predictions. While the company is still losing money with a loss of 1.5 billion yuan for the quarter the success of the EV category has been an important factor for overall growth.
Xiaomi's growth in the EV sector aligns with its strategy of investing in core technologies. Xiaomi wants to be a global leader in innovation. By the end of the year the company hopes to have increased the number of offline retail stores in China from 13,000 to 15,000. They plan to open 20,000 outlets by 2025.
As EV demand rises Xiaomi's production and innovation efforts show its ability to succeed in the automobile industry. Xiaomi is set to grow its EV market share by focusing on affordability, innovative technology and market needs.
