Xiaomi‘s inaugural vehicle, the Xiaomi SU7, is slated for official delivery as early as the second quarter of this year. During an interview at the 2024 Mobile World Congress in Barcelona on February 25th, Xiaomi Group’s President, Lu Weibing, expressed the company’s confidence in targeting its niche and user base within the competitive electric car market with the imminent launch of the Xiaomi SU7.
Lu Weibing highlighted this as a strategic entry point for Xiaomi into the high-end automotive sector, leveraging the existing base of 20 million smartphone users in China. The initial Xiaomi car users are expected to significantly overlap with this established user group. The Xiaomi SU7 is set to be introduced to the market shortly, with domestic deliveries commencing as early as the second quarter of this year.
Lu Weibing also mentioned that Xiaomi has invested $10 billion in car development, considering a range of pricing options from entry-level to luxury segments. The unveiling of the Xiaomi SU7 occurred during a technology launch event held by Xiaomi in Beijing on December 28, 2023. Positioned as a high-performance C-segment coupe, the model is scheduled for mass production and market release in the first half of 2024. At the event, advancements in Xiaomi Cars’ core technologies, including electric drive, batteries, high-pressure die-casting, intelligent driving, and smart cabins, were officially disclosed.
While most details about the Xiaomi SU7 were revealed during the event, the price remains undisclosed, generating significant external interest and speculation. Lu Weibing emphasized the long-term potential of the electric vehicle market, projecting its growth to rival that of the smartphone market within the next 10-20 years. He underscored the necessity of substantial investment for Xiaomi to establish a prominent position in this evolving market landscape.
Xiaomi ranks third globally in smartphone shipments, following Apple and Samsung, with a market share of approximately 13%. Lu Weibing also disclosed plans for Xiaomi‘s future endeavors, including the establishment of an in-house factory for independent production of key components. Notably, a subsidiary of BAIC Group has been identified as the manufacturer of the SU7, with Xiaomi Group refraining from providing further details on this matter.
Lu Weibing’s focus on expanding Xiaomi‘s overseas presence was evident, emphasizing the significance of the overseas consumer electronics market, which is estimated to be three times larger than the Chinese market. He acknowledged the challenges posed by the current global environment but expressed confidence in overcoming them through bolstering internal capabilities, globalizing business operations, and diversifying product offerings.
Regarding Xiaomi‘s international listing plans for its vehicles, Lu Weibing refrained from specifying a timeline but noted that such initiatives typically require 2-3 years for implementation.
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