FYI: Xiaomi has shattered electric vehicle sales records in China, outpacing major American automakers with its first electric car, the SU7, despite the fierce competition in the Chinese EV market.
Xiaomi’s Bold Entry into the EV Market
Xiaomi, originally famed for its smartphones, has made a triumphant entry into the electric vehicles sector. With the launch of its first EV, the SU7, the company has seen remarkable sales, particularly in its home base—China. This pivot to electric cars appears to be a runaway success.
Record-Breaking Sales in China
Within the first year of launching, Xiaomi exceeded all expectations by delivering 136,854 SU7 units as of late 2024. Originally, the company aimed to deliver a modest 76,000 units but quickly revised this goal mid-year to 120,000 before smashing it entirely. In stark contrast, American giants like Ford and General Motors (GM), who also sell EVs in China, lagged significantly behind in sales.
Comparative Sales Performance
The SU7’s stellar performance has notably outpaced Ford and GM. Ford managed to sell a mere 999 units of its Mustang Mach-E in China during 2024, whereas GM sold about 69,403 EVs across its Buick, Cadillac, and Chevrolet brands. A detailed examination of GM’s other sales numbers, including joint ventures, shows some additional success, but under its brand names, Xiaomi continues to lead significantly.
In the U.S., Ford’s total EV sales numbered just over 97,000, including the Mustang Mach-E, F-150 Lightning, and E-Transit models. GM’s sales stood at 114,400 across various models like the Chevy Blazer and the Cadillac Lyriq. Comparatively, Xiaomi’s SU7 outsold both automakers when focusing specifically on the Chinese market.
Game-Changer in the Global Market
Beyond its home market advantage, Xiaomi’s SU7 recorded higher sales than well-known global brands like Audi, BMW, and Mercedes-Benz, among others, in China. The only exceptions to this trend were Tesla and Volkswagen. Xiaomi’s success underscores a significant shift in the dominance of global automotive markets, with Chinese companies increasingly setting the standard in both product and sales.
Impressive Milestones and Future Outlook
Xiaomi’s milestone of delivering 200,000 SU7s in such a short period is noteworthy. By November, the first 100,000 SU7s had been sold in just 229 days, a rate double that of Tesla’s achievement with the Model Y. More surprisingly, the next 100,000 sales took even less time, boosting Xiaomi’s reputation further.
The affordable price point, tech-savvy features, and robust demand mean Xiaomi has already sold out the limited editions like SU7 Pro for the next year. The company also reports a current backlog of 150,000 orders, suggesting a promising future.
Challenges and Opportunities in China’s EV Market
Competition within China’s EV landscape is fierce, with over 130 brands vying for market share. This intense competition demands innovation and consumer-focused excellence, qualities that Xiaomi has shown it can deliver. For other automakers, particularly those from outside China, capturing a significant piece of this market remains a challenging proposition.
Potential Expansion and Market Domination
China’s emergence as an EV powerhouse has global implications. Xiaomi’s success with the SU7 hints at potential expansion into international markets, including the U.S., where Chinese automakers could become truly formidable players. If Xiaomi can navigate international tariffs effectively, its market disruption could extend beyond China, challenging American and European automakers on their home turf.
Conclusion
Xiaomi’s foray into electric vehicles marks a turning point in the automotive industry. The SU7’s overwhelming success not only highlights consumer demand for affordable, tech-driven EVs but also illustrates how Chinese companies are reshaping global market dynamics. For further insights and updates, reach out to us at tips@automotive.fyi, or follow us on Twitter at @automotivefyi.
By William Kouch, Editor of Automotive.fyi
