China’s latest EV entrant Xiaomi XIACF said on Wednesday that it delivered over 27,000 electric vehicles in the three months through June in China.
What Happened: Xiaomi launched its first EV — the SU7 sedan — in late March and started delivering the vehicles in April, making Q2 its first quarter as an EV seller. Total SU7 deliveries totaled 27,307 units in the quarter, only marginally lower than Chinese EV startup XPeng which delivered 30,207 EVs in the period.
The company raked in revenue of 6.2 billion yuan ($0.87 billion) from the EV business in the quarter, with an average selling price of 228,644 yuan ($32,058) per EV.
The gross profit margin of the company’s EV business, coupled with a few other new initiatives, touched 15.4%. Gross profit, meanwhile, touched 979.8 million yuan ($137.38 million).
What’s Ahead: The company now expects to achieve its goal of delivering 100,000 units of the vehicle by November, ahead of schedule. For the whole year, the company is aiming to touch a delivery target of 120,000 vehicles.
When Xiaomi started taking orders for its new EV in March, it received over 50,000 firm orders in less than half an hour, hinting at massive demand for the smartphone maker’s first EV.
The SU7 is available in three variants, namely Standard, Pro, and Max with the lower-end variant starting at 215,900 yuan, lower than Tesla Inc's cheapest offering – the Model 3 – in China.
For now, the vehicle is delivered only in China.
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