Xiaomi Again Exceeds 30,000 EV Deliveries in a Month
Chinese consumer electronics giant Xiaomi is proving that its phenomenally successful entry into the battery electric vehicle (BEV) sector wasn’t a fluke. Sales data from the Haidian District, Beijing-based company reveal that it recently delivered more than 30,000 electric cars in a month for the second time in a row, a sure sign that Xiaomi’s electric cars enjoy significant consumer demand.
Previous entries by consumer electronics companies to pivot to electric vehicle production haven’t been as successful. Apple, for instance, invested billions of dollars into developing a battery electric vehicle from the ground up but shut the project down a decade later with seemingly no results.
As the largest tech company on the globe, Apple’s failure to develop an EV indicated that tech companies are unable to successfully pivot to EV manufacturing.
However, Xiaomi has shown that with the right approach (and a massive nationwide EV industry to rely on for production), tech companies can extend their portfolios to include electric cars. Xiaomi’s EVs are so popular that the company can barely produce enough EVs to meet surging demand in its home market.
The company delivered a whopping 30,000 electric cars in its first month of sales, a monumental feat for a firm making its debut in automotive manufacturing, and again sold over 30,000 units in August.
Dubbed the YU7, Xiaomi’s second EV is an electric SUV that was launched in late June, barely a month after it first unveiled the EV to the public. Xiaomi registered a whopping 200,000 pre-orders for the YU7 within the first few minutes of sales and had well over 240,000 pre-orders within 18 hours.
Xiaomi built the high-performance SUV on 800V architecture and priced it at around €30,330 to €39,490 ($35,352-46,028). With a range of 760km to 835km on one charge, the Xiaomi YU7 will have among the highest ranges in the electric SUV sub-segment.
But with the model’s immense popularity, customers are looking at wait times of up to 56 weeks for a new YU7, especially since Xiaomi is struggling to ramp up production fast enough to meet demand. The tech giant has launched a major hiring campaign to staff the second factory phase that will be critical to achieving its electrification goals and cut down EV delivery timelines.
Xiaomi is expanding its network of physical locations to support this growing customer base, opening 18 new stores in August alone and bringing its total to 370 locations across 105 cities in China. Company founder Lei Jun has set ambitious targets, with internal plans suggesting goals of 400,000 to 500,000 units next year and potentially exceeding 800,000 vehicles by 2027.
American EV makers like Bollinger Innovations, Inc. (NASDAQ: BINI) can study Xiaomi’s meteoric rise and chart their own ways to ramp up consumer interest so that their sales can significantly increase over the coming years.
Please see full terms of use and disclaimers on the Green Car Stocks website applicable to all content provided by GCS, wherever published or re-published: https://www.GreenCarStocks.com/Disclaimer
Chinese consumer electronics giant Xiaomi is proving that its phenomenally successful entry into the battery electric vehicle (BEV) sector wasn’t a fluke. Sales data from the Haidian District, Beijing-based company reveal that it recently delivered more than 30,000 electric cars in a month for the second time in a row, a sure sign that Xiaomi’s electric cars enjoy significant consumer demand.
Previous entries by consumer electronics companies to pivot to electric vehicle production haven’t been as successful. Apple, for instance, invested billions of dollars into developing a battery electric vehicle from the ground up but shut the project down a decade later with seemingly no results.
As the largest tech company on the globe, Apple’s failure to develop an EV indicated that tech companies are unable to successfully pivot to EV manufacturing.
However, Xiaomi has shown that with the right approach (and a massive nationwide EV industry to rely on for production), tech companies can extend their portfolios to include electric cars. Xiaomi’s EVs are so popular that the company can barely produce enough EVs to meet surging demand in its home market.
The company delivered a whopping 30,000 electric cars in its first month of sales, a monumental feat for a firm making its debut in automotive manufacturing, and again sold over 30,000 units in August.
Dubbed the YU7, Xiaomi’s second EV is an electric SUV that was launched in late June, barely a month after it first unveiled the EV to the public. Xiaomi registered a whopping 200,000 pre-orders for the YU7 within the first few minutes of sales and had well over 240,000 pre-orders within 18 hours.
Xiaomi built the high-performance SUV on 800V architecture and priced it at around €30,330 to €39,490 ($35,352-46,028). With a range of 760km to 835km on one charge, the Xiaomi YU7 will have among the highest ranges in the electric SUV sub-segment.
But with the model’s immense popularity, customers are looking at wait times of up to 56 weeks for a new YU7, especially since Xiaomi is struggling to ramp up production fast enough to meet demand. The tech giant has launched a major hiring campaign to staff the second factory phase that will be critical to achieving its electrification goals and cut down EV delivery timelines.
Xiaomi is expanding its network of physical locations to support this growing customer base, opening 18 new stores in August alone and bringing its total to 370 locations across 105 cities in China. Company founder Lei Jun has set ambitious targets, with internal plans suggesting goals of 400,000 to 500,000 units next year and potentially exceeding 800,000 vehicles by 2027.
American EV makers like Bollinger Innovations, Inc. (NASDAQ: BINI) can study Xiaomi’s meteoric rise and chart their own ways to ramp up consumer interest so that their sales can significantly increase over the coming years.
Please see full terms of use and disclaimers on the Green Car Stocks website applicable to all content provided by GCS, wherever published or re-published: https://www.GreenCarStocks.com/Disclaimer
