iaomi company stated Monday that they planned for this year to deliver about 130,000 electric vehicles. This significant target its increased again for
the third time as the automaker reported an increase of about 30.5% in the third quarter revenue.
The Xiaomi CEO Lei Jun stated on his social media account that Xiaomi is its increasing manufacturing target compared with the previous one which planned to deliver 120,000 of their first electric vehicle, Xiaomi SU7 sedan, due to the high demand. But these numbers are way high compared with the initial manufacturing goal of about 76,000 EVs at the launch time.
Back in March, the automaker launched its first Xiaomi car, with design elements inspired by Porche and Tesla, coming into the Chinese electric vehicle market industry with an impressive price of under $30,000 for the Xiaomi SU7 base model. It’s important to note that this remarkable electric vehicle is $4,000 cheaper compared with the Tesla Model 3 in the China market.
Both electric vehicles and plug-in hybrid vehicles have indeed become more popular in China, and now represent more than half of the total auto sales in the Chinese market, which is the world’s biggest car market. In October, the sales recorded an impressive annual increase of 57.7%, and represent now the fourth in a row month with more electric vehicles and hybrid sales.
So, in order to support this high demand, the Xiaomi electric vehicle company has doubled EV production since June and also launched a more remarkable electric vehicle, the premium model SU7. Xiaomi SU7 Ultra model is now priced at more than $110,000.
According to the Xiaomi president, Lu Weibing, the Xiaomi EV factory has a capacity to produce about 20,000 EVs per month but the company plans to increase this number in order to keep up with the rising demand.
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“Our investment is still very substantial and we continue to improve our hardware and software. And basically, it doesn’t matter what the ultimate delivery level is, we are still investing very heavily. We are working on R&D (research and development) for new models,”, Lu Weibing stated in the post-earnings call.
For the last quarter which ended at the end of September, the company recorded a revenue of about $12.77 billion and a net profit of about 862,961 million.
By
Bill O'Neill
•
November 19, 2024 6:35 PM
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