Xiaomi’s electric vehicle (EV) production is ramping up as the company’s SU7 model continues to gain popularity in the market. According to local media reports, the monthly production of Xiaomi’s SU7 is expected to reach 24,000 units in November-December, with capacity utilization close to 200 percent.
The SU7, Xiaomi’s first EV model, was officially launched on March 28 and is currently being produced at a factory in Beijing. The plant, which has an annual capacity of 150,000 units, is expected to see further growth in the coming months as orders for the SU7 continue to increase.
In October, the plant had a capacity utilization rate of 160 percent, with over 20,000 units of the SU7 delivered. To ease delivery pressure and meet increasing demand, Xiaomi is targeting a monthly production of 24,000 units.
The company has been working towards meeting its target of 100,000 cumulative deliveries of the SU7 series ahead of schedule in November, with a new target of 120,000 full-year deliveries in 2024. However, customers currently face long wait times for delivery, with a minimum wait of 21 weeks for those ordering the SU7.
Despite the delivery challenges, orders for the SU7 continue to grow, with new orders averaging 4,000 units per week since August. In addition to the regular SU7, Xiaomi has also started pre-sales for the production version of the SU7 Ultra, set to be released in March 2025.
The SU7 Ultra, priced at RMB 814,900 ($114,720), received 3,680 pre-orders within 10 minutes of the pre-sales launch. Xiaomi also plans to launch an SUV model codenamed MX11 in 2025.
To meet production demands for these models, Xiaomi is looking to expand its production capacity. The phase 2 plant, currently under construction, is expected to be completed by June 2025, providing a combined annual capacity of 300,000 vehicles between the two plants.
Construction of the phase 2 plant is progressing rapidly, with workers operating in double shifts to meet the construction timeline. Once completed, the expanded production capacity will help alleviate delivery pressures and meet the growing demand for Xiaomi’s EV models.
In conclusion, Xiaomi’s EV production is on track to meet increasing demand, with plans in place to expand production capacity and introduce new models in the coming years.
