Xiaomi SU7 Ultra Orders Exceed Expectations, Production Increase Under Discussion

Key Highlights:

• Xiaomi SU7 Ultra received over 15,000 pre-orders within two days, generating nearly ¥8 billion ($1.1 billion) in potential sales.
• The final price of ¥529,900 ($73,700) is significantly lower than the pre-sale estimate of ¥814,900 ($113,400).
• Xiaomi is considering increasing production due to unexpected demand.
• The SU7 Ultra set a Nürburgring lap record as the fastest four-door production car.
• Xiaomi’s market cap surged to HK$1.3 trillion ($166 billion) following strong EV interest.

On March 2, Xiaomi CEO Lei Jun held the first delivery event for the Xiaomi SU7 Ultra, revealing that orders had far exceeded expectations. He announced that Xiaomi would discuss increasing production to meet demand.

The SU7 Ultra debuted at ¥529,900 ($73,700), much lower than the anticipated ¥814,900 ($113,400). Early buyers placing a ¥20,000 ($2,800) deposit before March 31 can receive up to ¥90,000 ($12,500) in benefits. The pricing strategy led to a rapid sales surge, with 6,900 units sold in the first 10 minutes and 10,000 units in two hours—matching Xiaomi’s entire annual sales target.

Lei Jun emphasized Xiaomi’s ambition to redefine high-performance luxury EVs. The SU7 Ultra recently set a Nürburgring lap record of 6 minutes and 46.874 seconds, making it the fastest four-door production car on the track. He positioned the vehicle as a competitor to Porsche in performance, Tesla in technology, and German luxury brands in comfort.

Following the strong reception of the SU7 Ultra, Xiaomi’s Hong Kong-listed stock (HK:1810) surged, reaching a market capitalization of HK$1.3 trillion ($166 billion). Southbound capital flows recorded a net purchase of HK$4.07 billion ($520 million) over five consecutive trading days.

With demand exceeding forecasts, Xiaomi is now evaluating a production increase to capitalize on its early success in the EV market.

Source: Sina