SU7 Delivers 4,000 Units in First Week After Securing 30,000 Orders
Xiaomi's entry into the electric vehicle market is showing early signs of success, with CEO Lei Jun announcing that the new SU7 sedan achieved approximately 4,000 deliveries in its first week. This initial rollout follows a powerful launch on March 19, where the company secured 15,000 locked-in orders with non-refundable deposits in just 34 minutes. By March 23, total locked-in orders for the new model had surpassed 30,000. These figures support the company's ambitious 2026 sales guidance of 120,000 units for the new SU7, signaling strong consumer appetite for its first major automotive product.
New SU7 Enters Crowded Market at 229,900 Yuan Starting Price
While initial demand is robust, Xiaomi is launching the SU7 into a fiercely competitive landscape. The new model starts at 229,900 yuan ($33,400), a 4,000 yuan increase over its predecessor, positioning it slightly below the Tesla Model 3's 235,500 yuan price tag in China. However, new rivals like the Shangjie Z7, jointly launched by SAIC and Huawei, are undercutting both with a starting price of 229,800 yuan. Unlike the frenzy surrounding the first SU7 launch two years ago, showroom traffic for the new model has been more normalized. Sales staff report that customers are taking longer to decide and are more pragmatic, comparing specifications and financing options against competitors, indicating the market has moved beyond novelty-driven excitement toward value-based purchasing decisions.
EV Business Revenue Skyrockets 223.8%, Powering Xiaomi's Growth
The strategic importance of the SU7's performance is underscored by Xiaomi's 2025 financial results. The company's smart electric vehicle business segment revenue soared 223.8% year-over-year to 106.1 billion yuan ($15.4 billion), crossing the 100 billion yuan mark for the first time. In the fourth quarter of 2025, the EV division contributed 32% of Xiaomi's total revenue, establishing it as the company's primary growth engine and nearly matching the contribution of its legacy smartphone business. This rapid growth is prompting analysts to re-evaluate Xiaomi's valuation, recognizing its successful transformation from a consumer electronics firm into a significant automotive manufacturer.
