Xiaomi Becomes 8th Largest EV Upstart in China, Shares Up 3%, Delivers 10,000th SU7

May 15, 2024, 03:00 AM

Xiaomi, the Chinese smartphone maker, has become the country's eighth-largest electric vehicle upstart after a successful launch of its first model, the SU7 sedan. The company sold more than 7,000 units in April and delivered its 10,000th unit by May 15. Xiaomi aims to begin making and selling a sport utility vehicle similar to Tesla’s Model Y by 2025, with production of its debut SU7 electric car set to reach about 100,000 units this year. Xiaomi's shares have risen by over 3% and are above HK$20 for the first time since 2021. The company plans to add a second shift in June, boosting SU7 plant capacity to 20,000 units monthly. Xiaomi Automobile has already been benchmarking an all-electric SUV model against the Tesla Model Y.