As the automobile startup reported a 30.5% increase in third-quarter sales, China’s Xiaomi Corp. announced that it expected to deliver 130,000 electric vehicles this year, increasing its prediction for the third time.
As demand rises, the electronics manufacturer is increasing its aim from an earlier objective to deliver 120,000 of its first EV, the SU7 car, according to CEO Lei Jun’s social media post. Additionally, this is significantly more than the initial target of 76,000 that was set when the SU7 was debuted earlier this year.
Xiaomi debuted the Porsche-inspired vehicle in March, breaking into the competitive Chinese EV market with a striking price tag of less than $30,000 for the base model, $4,000 less than Tesla’s, and launching the new Tab Model 3 in China.
In China, sales of electric vehicles and plug-in hybrids have risen to more than half of total sales for the biggest automaker in the world. For the fourth consecutive month, battery-powered vehicles, including plug-in hybrids, surpassed gasoline-powered vehicles nationwide in October, growing 56.7% over the previous year.
Xiaomi debuted the high-end SU7 Ultra variant, which costs over $110,000, and increased production shifts since June to meet demand. During a post-earnings call, Xiaomi President Lu Weibing stated that the company’s plant could currently produce 20,000 automobiles each month and that there was still room for growth.
“We are still making significant investments, and we are constantly enhancing our software and technology. Furthermore, we are still making significant investments regardless of the final delivery level. For new models, we are conducting research and development, or R&D,” he stated.
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