The Xiaomi SU7 electric sedan has proven a hit with Chinese customers, but everyone is waiting for the top-of-the-line SU7 Ultra variant. Xiaomi CEO, Lei Jun, confirmed that the Porsche Taycan killer will start production in the first quarter of 2025.
Xiaomi surprised the automotive industry with its solid second-quarter figures. The technology company only announced its EV ambitions in 2021 and unveiled the SU7 in March. Often compared to Apple, Xiaomi certainly proved it's much better than the Cupertino company, at least as far as car projects go. Whereas Apple canceled its car after burying $10 billion, Xiaomi already delivered over 27,000 EVs to its customers.
Deliveries of the SU7 started in April, which means that Xiaomi could provide complete numbers about its EV business in the second quarter earnings call. It was a solid result, especially considering that Xiaomi went from zero experience building vehicles to one of the fastest and most successful EV production ramp-ups in history. This is a feat that no EV startup managed, and no one thought Xiaomi could do it in the first quarter from the start of production.
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