You greater than possible know Xiaomi, so-called Apple of China, as a maker of smartphones that provide an honest different to Samsung. You may also find out about its smartwatches, robotic vacuums and electrical scooters. Good, if usually unoriginal design, bought at a aggressive worth.
However do you know it additionally sells automobiles? Xiaomi Auto leapt into the packed EV market solely in March 2024, but already has a success on its palms with the SU7. An electrical sedan not dissimilar to the Porsche Taycan, it attracted nearly 90,000 orders inside 24 hours of happening sale—a stat that possible makes it the fastest-selling automotive of all time.
In addition to flying out the door, the SU7 flies across the racetrack, too. A pumped-up model, known as the SU7 Ultra and packing greater than 1,500 horsepower, set a brand new Nurburgring lap file in November, beating each the Rimac Nevera and Porsche Taycan Turbo GT by over 15 seconds across the 12.9-mile course. Much more remarkably, it set the 6:46.9 record on a humid monitor and with an obvious lack of energy part-way spherical.
Images: Xiaomi Press
Earlier than we get too carried away, it’s vital to caveat this by saying, sure, smartphone maker Xiaomi set a stonking lap time, nevertheless it did so utilizing a stripped-out prototype that isn’t avenue authorized. It’s additionally value stating how the Nio EP9—additionally an electrical idea—went fractionally faster method again in 2017, and the Volkswagen ID.R holds the outright electrical lap file, at 6:05.3.
Again to the street-legal SU7. The automotive bought so properly at launch that Xiaomi Auto has raised its 2024 supply forecast thrice since, up from an preliminary aim of 76,000 to 130,000 by mid-November.
In keeping with Chinese language auto business skilled Mark Rainford, that revised determine is “greater than even XPeng managed to ship within the 12 months to September,” regardless of promoting automobiles for the previous six years and working in a number of worldwide markets. November additionally noticed Xiaomi submit a 30.5 p.c enhance in third-quarter income.
Even Ford Boss Loves Xiaomi
However don’t simply take a look at the gross sales figures. Ford CEO Jim Farley not too long ago admitted to not solely driving a Xiaomi automotive within the US, however after six months he didn’t wish to give it again. Talking on the Everything Elecctric Show podcast in October, Farley mentioned: “Everybody was speaking in regards to the Apple automotive. However the Xiaomi automotive, which now exists and it’s incredible; they promote 10,000, 20,000 a month—they’re bought out for six months. That’s an business juggernaut, and [it comes from] a client model that’s a lot stronger than automotive corporations.”
“I don’t like speaking in regards to the competitors a lot,” continued Farley, “however I drive a Xiaomi. We flew one from Shanghai to Chicago and I’ve been driving it for six months now and I don’t wish to give it up.”
Images: Xiaomi Press
The Chinese language EV market is extremely crowded, however Xiaomi’s first entry stands out owing to its premium styling (even when it seems to borrow considerably from the Taycan) and low worth. The SU7 begins from underneath $30,000, putting it $4,000 beneath the Tesla Mannequin 3 in China. Even the hypercar-powerful SU7 Extremely looks like good worth, with a manufacturing model set to price round $112,500 when it goes on sale in March 2025.
With only one mannequin in manufacturing, Xiaomi will already look to make full use of its personal, 20,000 cars-per-month manufacturing facility—itself a rarity amongst auto startups, who often choose to outsource the huge expense of constructing automobiles to others in a bid to sidestep the rising pains Elon Musk as soon as described as “manufacturing hell”.
There isn’t any scarcity of Chinese language electrical automotive corporations queuing as much as tackle Tesla. BYD has come closest by way of outright gross sales, whereas underneath new Chinese language possession a resurgent MG has seen success by undercutting Tesla within the UK market. After all, prohibitive tariffs imply Chinese language-made automobiles will not be viable, or certainly welcome, within the US—and bear in mind, that features autos in-built China by manufacturers from elsewhere, such because the Mini Cooper and Aceman, and the Polestar 2, at the very least till manufacturing within the UK and US comes on-line.