Xiaomi has achieved important success within the electrical car market, having bought over 200,000 models of its SU7 mannequin since deliveries commenced in March 2024. In 2024 alone, the corporate bought almost 137,000 models, surpassing the worldwide gross sales of EVs by main automakers like Ford and Basic Motors.
Xiaomi’s foray into electrical automobiles, transitioning from its smartphone roots, has confirmed to be a outstanding success. The SU7 has gained immense reputation in China, with figures displaying that even high-profile executives from American automotive corporations, equivalent to Ford’s Jim Farley, have taken observe of its success—regardless of the mannequin being unavailable within the U.S.
The SU7’s spectacular gross sales figures have eclipsed these of a number of American automakers in each the Chinese language and world markets. Unique gross sales targets set by Xiaomi had been formidable, aiming for 76,000 models in its first yr, however the firm far exceeded that objective, finally closing 2024 with 136,854 models bought. This marked the primary large-scale supply of the SU7 in China.
When taking a look at competitors, Ford’s solely EV in China, the Mustang Mach-E, had a troublesome yr, promoting solely 999 models. Basic Motors, which markets a number of manufacturers together with Buick, Cadillac, and Chevrolet in China, noticed gross sales of 69,403 models throughout these manufacturers. Notably, GM’s partnerships with Baojun and SAIC-Wuling bought a further 33,630 models, indicating a special story beneath these partnerships however displaying comparatively decrease efficiency for its core manufacturers.
In distinction, within the U.S. market, Ford bought over 97,000 EVs final yr, which incorporates fashions such because the Mustang Mach-E, F-150 Lightning, and E-Transit. Basic Motors reported 114,400 EVs bought, encompassing a spread of fashions together with the Chevy Blazer, Equinox, Silverado EVs, Cadillac Lyric, and others.
Extra strikingly, Xiaomi’s gross sales eclipsed many world automakers that function in each China and the U.S., outperforming manufacturers equivalent to Audi, BMW, Kia, Mercedes-Benz, Nissan, Polestar, Toyota, Volkswagen, and Volvo—apart from Tesla and Volkswagen itself.
Xiaomi’s SU7, loaded with tech options and priced beneath $30,000, has attracted important client curiosity, resulting in sold-out restricted manufacturing fashions just like the SU7 Professional. The corporate has reported a backlog of 150,000 automobiles awaiting supply. Notably, Xiaomi achieved a milestone by delivering its first 100,000 models in simply 229 days—considerably quicker than the time it took Tesla to achieve the identical gross sales determine for its Mannequin Y. The second 100,000 models bought in an much more spectacular 119 days.
Nonetheless, the competitors in China’s EV market is intensifying. With over 130 totally different EV manufacturers working within the nation, automakers are pushed to innovate and meet client calls for. This contrasts sharply with markets elsewhere, the place client decisions are extra restricted, usually leading to a much less aggressive environment.
Xiaomi’s rise highlights an vital shift within the world automotive panorama. Chinese language automakers should not solely catering to home wants however are additionally eyeing worldwide markets as a part of their technique to determine a extra distinguished world presence. If Xiaomi manages to enter the U.S. market successfully, it might pose a critical problem to home producers, because the SU7’s gross sales figures recommend a burgeoning risk. With the upcoming launch of the YU7, Xiaomi’s trajectory within the electrical car section seems to be poised for even larger success.
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