Xiaomi (HKG: 1810, OTCMKTS: XIACY) is accelerating efforts to expand its electric vehicle (EV) production capacity as delivery wait times remain lengthy.
Lei Jun, the company’s founder, chairman, and CEO, shared on Weibo that he had visited Xiaomi’s EV factory to discuss strategies with the manufacturing team on increasing capacity while maintaining quality and production safety. He noted that he was at the factory’s research and development center, with the paint shop visible outside his window.
Xiaomi’s EV production facility, located in Beijing, currently operates the first phase of its plant, which has an annual production capacity of 150,000 units. In July 2023, the company began construction on the second phase, situated near the existing facility.
A report published on October 23 by National Business Daily revealed that workers at the second-phase site were operating in double shifts, covering both daytime and nighttime hours. The report, citing an insider, stated that the plant’s construction was scheduled for completion by the end of 2024, with the main structure expected to be finished by June 15, 2025. Additionally, the report mentioned that the road separating the two phases of the factory was undergoing expansion.
Xiaomi officially launched its first EV model, the SU7, on March 28, 2024. The vehicle is available in three variants—Standard, Pro, and Max—with starting prices of RMB 215,900 ($29,630), RMB 245,900, and RMB 299,900, respectively. Competing directly with Tesla’s (NASDAQ: TSLA) Model 3, which delivered over 135,000 units in 2024, the SU7 has maintained strong market demand.
Xiaomi has set a target of delivering 300,000 vehicles by 2025, a goal Lei outlined in a live video on December 31. Despite being on the market for nearly a year, the SU7 continues to attract high demand, with recent orders requiring a wait time of approximately six months, according to data compiled by CnEVPost.
In early December, Xiaomi announced that its second EV model would be named the YU7, with an expected launch in June or July 2025. Before that, the company plans to introduce the SU7 Ultra, a high-performance version of the SU7, which was made available for pre-sale in October 2024 at a price of RMB 814,900.
Earlier this week, Lei confirmed that the SU7 Ultra’s release had been moved up to the end of February, ahead of the previously planned March launch. At the time, he also stated that Xiaomi aimed to sell 10,000 units of the SU7 Ultra in 2025.
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