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Xiaomi launched its first EV today, the electric sedan SU7. Its starting price is 215,900 yuan (29,900 USD), undercutting the Tesla Model 3 base model, which starts at 245,900 yuan (34,000 USD) in China.
Since the Xiaomi SU7 began deliveries on April 3 there have been no shortage of stories about accidents involving the car and instances where the car has gone wrong. However the latest incident is probably the most bizarre to date. The car broke down after traveling just 39 kilometers and cannot be repaired, the saleroom needs to return it to the factor for analysis.
Xiaomi launched the SU7, its first all-electric sports saloon, on 28 March. Just a little over a month after its initial launch, as of 30 April, the SU7 had secured lock-in orders (non-refundable deposits) of 88,063 units in China. Is the popularity of the SU7 caused by the irresistible charisma of Lei Jun, Xiaomi’s Chairman and CEO? Or is it the Taycan-inspired exterior design? Let’s take a closer look!
![People queue hours to see Xiaomi SU7 closer at Beijing Auto Show [Report] - carnewschina.com - China - city Beijing](https://drivenews.co.uk/storage/thumbs_400/img/2024/4/28/22783_weni.jpg)
Xiaomi Motor booth was placed in Hall W2 at the Beijing Auto Show, between Buick and Geely. It was far from being the largest in the hall but gathered the largest crowd.
The 2024 Beijing International Automotive Exhibition kicks off today. In a press conference, Lei Jun, the Chairman and CEO of Xiaomi Group, revealed the Xiaomi SU7 secured lock-in orders (non-refundable deposits) of 75,723 units, with 5,781 units delivered as of 24 April, only 28 days after its initial launch.
The 2024 Beijing International Automotive Exhibition kicks off today. In a press conference, Lei Jun, the Chairman and CEO of Xiaomi Group, revealed the Xiaomi SU7 secured lock-in orders (non-refundable deposits) of 75,723 units, with 5,781 units delivered as of 24 April, only 28 days after its initial launch.
Lei Jun, CEO of Xiaomi, shared that the gross profit margin of the Xiaomi SU7 is approximately 5% to 10% with good support from its suppliers, at Xiaomi’s 2024 Investor Day on April 23 in China. Lei Jun further added that the specific margin figures need to be confirmed again since the sales volume is much higher than expected.
Xiaomi will deliver 60,000 vehicles in 2024 and lose money in the first two years, a financial research firm CreditSights announced. Meanwhile, local media reported that Xiaomi’s Beijing factory’s production capacity is 4,000 – 5,000 units in April and gradually ramp up to 6,000 units by the end of the year.
On April 3, Xiaomi Auto officially started deliveries of the first batch of its electric car SU7. Xiaomi founder and CEO Lei Jun personally took part in the event, giving the first cars to their owners. The first batch of the SU7 is limited to 5,000 cars. Meanwhile, Xiaomi gained over 100,000 firm orders for this vehicle, with 40,000 locked orders.