TMTPOST -- Xiaomi Corporation maintains stellar delivery growth of electric vehicle (EV) as SU7 Ultra, a hypercar variant of its first EV model SU7, is going to go on sale this month, further driving the delivery.

Credit：Xiaomi

Xiaomi Auto delivered more than 20,000 EVs in January, exceeding the 20,000-unit mark for the fourth consecutive month, the company said in a post on Chinese social media platform Weibo at weekend. The post stressed Xiaomi’s annual target of 300,000 vehicles in 2025, and added the company will keep expanding its capacity in the coming year.

The 2025 target more than doubled as deliveries last year. Xiaomi‘s auto unit delivered more than 135,000 EVs for the full year 2024, meeting  its upgraded target of over 130,000 units.Xiaomi CEO Lei Jun said in November the company aims to deliver 130,000 EVs for the entire year,raising the forecast for the third time since the launch of SU7 in March, 2024.

Xiaomi officially launched SU7 on March 28, with starting price cheaper than its major competitor: Tesla’s affordable Model 3. CEO Lei presented that day SU7 has a layered pricing since it has three variants. The standard SU7 costs RMB215,900 (US$29,872), and the Pro and Max version are priced at RMB245,900 and RMB299,000, respectively. Lei said the SU7 is RMB30,000 cheaper than Model 3, which starts at RMB245,900 in China.

In another post on Tuesday, Xiaomi'a auto unit revealed SU7 Ultra at the end of this month. Xiaomi unveiled SU7 Ultra prototype in August. The variant can go 0-100 kilometer/hour (km/h), or 0-62 mph, in a scorching 1.97 seconds, and features a top speed of over 350  (217.48 mph), along with an acceleration from 0-100 km/h in 1.97 seconds (0-60 mph in around 1.9 seconds), and 1,548 horsepower. It generates a remarkable maximum downforce of 2145kg, enabling exceptional grip and stability during high-speed maneuvers.The all-carbon exterior design of SU7 Ultra prototype ensures lightweight construction, thus contributing to a weight reduction of 500 kilograms.

Xiaomi said in August the production version of SU7 Ultra will maintain most of the rest of its current tech, including three V8s electric motors and 800V architecture powered by CATL’s fast-charging Qilin II batteries that can recharge from 0-100% in twelve minutes.

Xiaomi announced in December the prototype of SU7 Ultra completed its lap speed challenge on the Nürburgring Nordschleife, achieving a time of 6'46"874 and thereby breaking the seven-year-old fastest four-door car lap record at the Nürburgring. This marks a splendid milestone for Xiaomi EV, just three years into its journey.

Xiaomi for the first time disclosed development of its second electric vehicle (EV) model as well as its first EV SUV in December. “Introduce a new member of Xiaomi Auto to you: Xiaomi YU7, the new SUV is expected to officially hit the market in June or July next year,” said Xiaomi’s auto unit in a Weibo post, attaching images of the new model. That is Xiaomi’s first announcement of new SUV and first sharing images of it.

Financial results released in November showed Xiaomi ’s cash reserves have grown by nearly RMB30 billion in the third quarter from the same period in 2023. That suggests that Xiaomi is bracing for even fiercer competition in the automotive sector than it had originally anticipated.

The July to September period is Xiaomi’s second quarter to report sales of its EV business since the company launched its first EV model SU7 in March and began delivery a month later. Revenue from smart EV and other new initiative stood at RMB9.7 billion, including RMB9.5 billion from EV. That suggested EV revenue surged 53.2% from a quarter earlier. The gross margin of the segment logged 15.4%, 1.7 points up quarter-over-quarter (QoQ) and still less than Xiaomi’s overall margin of 17.2%. The segment booked an adjusted net loss of RMB1.5 billion, narrowing 16.7% QoQ.