Credit：Visual China

At an earnings call with analysts, Xiaomi President Lu Weibing said his company doesn’t change its mass production target of EV in the first half of 2024 and the second winter test for the model is coming soon. While declining to reveal more details about the upcoming EV, Lu said there are a few key points about the offering that he can make clear, and one of them is vehicle is indispensable in Xiaomi’s entire strategic vision of “Human x Car x Home” smart ecosystem. Therefore, Lu believes consumers will no longer buy an individual product but an ecological company, and they will see the smartphone-centered synergy of consumer electronics in the future. Under the Human x Car x Home ecosystem, Xiaomi’s major brands of smartphone and EV will propel other brands to provide product experience and solutions to users targeting different user groups, Lu said.

Lu’s remark came days after images of Xiaomi’s first EV model were leaked at a government filling last week. Xiaomi has applied for approval of making two EV models under its brand, according to the 377 batch of the Public Notice on Road Motor Vehicle Production Enterprises and Products released by the Ministry of Industry and Information Technology (MIIT). The announcement marks Chinese authorities allowed Xiaomi to begin full-scale production.

The MIIT filling showed Xiaomi’s EV models—SU7 series will be adopted two different types of batteries: one is the lithium iron phosphate battery made by BYD’s subsidiary Fudi Battery Co., Ltd, and another is the ternary lithium battery offered by Contemporary Amperex Technology Co. Ltd. (CATL).

The rear-wheel-drive variant of SU7 has a 220kW motor and an all-wheel-drive version features a dual-motor setup that combines 275kW and 220kW motors, the model has a top speed of 210 kilometers per hour (KPH) and the SU7 Max is capable of reaching top speeds of 265 KPH. The SU7 series are set to be powered by HyperOS, Xiaomi’s new operating system rolled out late October. The vehicles will be made in its own facility and the production qualification was provided by Beijing Automotive Group Off-road Vehicle Co.,Ltd., a unit of Chinese state-owned auto manufacturer Beijing Automotive Industry Holding Co. Ltd. (BAIC Group).

Xiaomi CEO Lei Jun revealed at social media late October that Xiaomi plans to launch its car in the first half of next year, without giving any details. The President Lu told analysts that the information and images disclosed at the MIIT website obviously made it clear that Xiaomi will launch a sedan. He declined to reveal more details but mentioned there are about 3,000 employees working for research and development (R&D) of automobile business.

Financial results indicated Xiaomi has ramped up preparation for making EV models. Its R&D expenses increased 22% year-over-year to RMB5.0 billion in the third quarter, primarily due to the increase in expenses related to its EV business and other new initiatives.

Chinese digital news media outlet Jiemian reported in September Xiaomi’s auto unit has started pilot production for less than a month in its factory in Yizhuang, a town in the southeast suburbs of Beijing, and there are about 50 vehicles to be built per week for test. The Yizhuang facility, built in two phases, is set to have a total annual capacity of 300,000 vehicles, with 150,000 units of each phase, and construction of its first phase has completed and passed acceptance testing in June, according to reports earlier this year. 

Xiaomi is expected to debut its car in 2024, with estimated shipments of 500,000 to 600,000 units, according to a note that TF International Securities analyst Ming Chi Kuo issued in October. The analyst, who is well known as a reliable source of Apple products, said Xiaomi’s first EV model will have key selling points including autonomous driving, software ecosystem, 800V fast charging, and power train specifications, with an estimated price below RMB300,000. If the price approaches or falls below 250k yuan, shipment estimates could be revised upward, Kuo added.

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