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Xiaomi (HK:1810) reported over 25,000 electric vehicle deliveries in June, marking the ninth straight month above the 20,000-unit threshold. While the company didn’t provide an exact figure, June’s performance slightly trailed May’s 28,000+ deliveries, reflecting a slowdown in SU7 sedan orders.
The decline comes as Xiaomi faces public scrutiny over alleged safety issues and false advertising regarding a key performance component in the SU7. Despite the controversy, the Chinese tech giant remains a growing force in the EV market.
Xiaomi’s newly launched YU7 SUV has significantly boosted momentum. Priced from 253,500 yuan, the YU7 drew 200,000 pre-orders within three minutes of launch and reached nearly 289,000 within an hour, signaling robust consumer interest. The surge in YU7 demand positions Xiaomi as a serious competitor in China’s electric vehicle race.
Meanwhile, Tesla (NASDAQ:TSLA) continues to lose ground in China. Its Shanghai-made EV sales dropped 15% year-over-year in May, as local brands like BYD (HK:1211) and Xiaomi expand their footprint. Xiaomi’s aggressive pricing, tech-driven brand appeal, and rapidly scaling production give it a competitive edge against established players.
Xiaomi targets 350,000 EV deliveries in 2025 and expects its auto division to become profitable in the second half of the year, fueled by enhanced production capabilities, including a new manufacturing line in Beijing.
With strong domestic demand and ambitious production goals, Xiaomi is emerging as a key disruptor in China’s EV sector, challenging incumbents like Tesla and BYD. As the company navigates reputational risks and ramps up output, its growing influence underscores shifting dynamics in the global electric vehicle market.
