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Ford CEO Jim Farley has been driving Xiaomi’s SU7 for half a year, praising the electric vehicle for its performance and high demand. Xiaomi’s EV division has struggled with losses, but the SU7 continues to be a hit with consumers.
Farley’s Experience with Xiaomi’s SU7
According to Business Insider, he has been driving a Xiaomi Speed Ultra 7 for the past six months, and Ford CEO Jim Farley says he has no desire to part with it.
On "The Fully Charged Podcast," Farley told British host Robert Llewellyn, "I don't like talking about the competition so much, but I drive the Xiaomi." Monday was the airing of the Llewellyn podcast.
"We flew one from Shanghai to Chicago, and I've been driving it for six months now, and I don't want to give it up," said Farley.
Xiaomi’s First EV: The SU7 Series
It all started with the SU7, Xiaomi's first electric car. The SU7, SU7 Pro, and SU7 Max are the three iterations of the vehicle manufactured by the Chinese tech behemoth. When asked which model he was driving, Farley remained vague.
"I think it's great. Up to 20,000 units are sold every month. They're sold out for six months," Farley remarked earlier in the interview, referring to Xiaomi's success with the SU7.
"You know, that is an industry juggernaut and a consumer brand that is much stronger than car companies," he added.
The Cost of Xiaomi’s EV Success
Xiaomi has paid a price for the SU7's popularity. On August 21, Xiaomi revealed its earnings for the second quarter. The electric vehicle division had an adjusted loss of $252 million.
That works up to a loss of almost $9,200 for every 27,307 SU7s that Xiaomi sent out during that quarter. The SU7 is priced at 215,900 yuan, which is around $30,000, and it is exclusively sold in China.
Plans to Lower Costs and Expand Production
In August, a Xiaomi representative informed BI's Matthew Loh that the firm was planning to expand its electric vehicle division in order to reduce production costs.
"In addition, Xiaomi's first EV is a pure electric sedan, and its investment cost is relatively high, so it will take some time to digest this part of the cost," Loh was informed.
Farley’s Views on China’s Auto Industry
It was reported in September by The Wall Street Journal that Farley warned a Ford board member about China's automotive industry, calling it an "existential threat," following a May visit to the country.
According to the Journal, Farley and his CFO, John Lawler, were in China in early 2023 when they drove a Changan Automobile electric SUV.
Impressed by China’s EVs
The pair was reportedly very impressed by the electric vehicles' build quality, which came from China. Reports indicate that Lawler informed Farley, "Jim, this is nothing like before. These guys are ahead of us."
Ford’s Need to Compete with Chinese EV Makers
Ford must carefully consider its strategy for the electric vehicle sector in light of competition from companies like Xiaomi. So far this year, Ford stock has lost almost 9% of its value.
