From CNBC: 2024-04-24 01:08:54

Xiaomi’s new electric vehicle, the SU7, is selling better than expected, receiving over 70,000 orders. The company aims to deliver 100,000 EVs this year, pricing it $4,000 lower than Tesla’s Model 3. Analysts predict breakeven at 300-400k annual sales. Xiaomi livestreams a car update at the Beijing auto show.

Tesla China outsold Xiaomi last year at 600k cars, while Li Auto sold 376k hybrids and Nio sold over 160k cars. Li Auto’s gross margin was 23.5%, Nio’s was 7.5%, and Tesla’s declined to 17.4%. Xiaomi plans to focus on China for 3 years, eyeing the global market eventually with an upcoming SUV release in 2025.

Read more: China’s Xiaomi is selling so many electric cars it’s closer to breaking even