Xiaomi’s electric vehicle (EV) plant is set to ramp up production in the last two months of 2024 to meet rising demand. The SU7, Xiaomi’s first EV model, launched in March, is now produced at Xiaomi’s factory in Beijing. The factory can currently produce 150,000 units per year, with an upgrade planned to increase production.
The plant achieved 160% utilization in October, delivering over 20,000 units. Xiaomi aims to boost monthly output to 24,000 units in November and December, nearing a 200% utilization rate to address delivery demands.
The company expects to hit its target of 100,000 cumulative deliveries of the SU7 series by November, with a revised goal of 120,000 for the year. Despite a 21-week waiting time for new orders, SU7 demand remains strong, averaging 4,000 units ordered weekly since August.
On October 29, Xiaomi began pre-sales for the SU7 Ultra, which will be released in March 2025. The starting price of the Ultra model is RMB 814,900 ($114,720), much higher than that of the regular SU7. Within 10 minutes of launch, the Ultra model received 3,680 pre-orders.
Looking to expand its lineup, Xiaomi plans to launch an SUV codenamed MX11 in 2025. With high demand and new models coming, Xiaomi is speeding up the second phase of its EV plant. Expected to be completed by June 2025, the new facility will double the combined production capacity to 300,000 units, reducing delivery delays.
Construction on the phase 2 plant continues with workers operating in double shifts to meet deadlines. Once finished, it will ease pressure on Xiaomi’s delivery process.
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