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On May 23, 2024, Xiaomi said it would aim to deliver 120,000 SU7-series electric cars during 2024, raising its earlier ambition of at least 100,000. The company tied the higher target to strong early demand and plans to expand production. It also confirmed that another EV model was in development—but did not announce its name, body style or launch date.
The 120,000 figure was an operating target, not a guarantee. By the end of May, Xiaomi had delivered 15,764 cars, meaning it needed to average about 14,900 deliveries a month over the remaining seven months to reach the goal. That made production and customer handovers—not interest alone—the central test.
What Xiaomi announced
During its first-quarter results call on May 23, 2024, Xiaomi raised its 2024 delivery ambition for the Xiaomi SU7 Series from at least 100,000 vehicles to a target it would “challenge” itself to reach: 120,000. The company said the stronger goal reflected demand and its expected production ramp-up. Reuters’ report on the announcement also described Xiaomi’s plan to begin double-shift production in June and seek monthly deliveries above 10,000.
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That wording matters: Xiaomi was setting an ambitious delivery goal, not promising that 120,000 customers would receive cars. The target covered the SU7 Series, including its Standard, Pro and Max versions. A customer order, a car coming off the production line and a completed delivery are different milestones.
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Why the target rose—and why it was demanding
Xiaomi’s first car had a fast start. The company launched the SU7 in China on March 28, 2024, and began deliveries in April. It delivered 7,058 vehicles that month. May deliveries were later reported at 8,646, bringing the cumulative 2024 total through May to 15,764. Xiaomi said its 10,000th SU7 had been delivered by May 15, and it aimed to deliver at least 10,000 in June. April delivery figures and May’s reported total and June goal offer the clearest snapshot of the early ramp.
The arithmetic shows the scale of the challenge. Subtracting 15,764 deliveries through May from the 120,000 full-year target left 104,236 vehicles to deliver from June through December. Across those seven months, Xiaomi would need to average roughly 14,900 deliveries per month. That is a calculation from the reported figures, not a company forecast.
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Moving to two shifts could raise factory output, but output is only one part of delivery capacity. Components and batteries must arrive, completed cars must pass quality checks, and retail and handover operations must be able to get vehicles to customers. Xiaomi was also expanding its sales and delivery network; by June 30 it said it had opened 87 smart-EV sales centers in mainland China. The company’s later Q2 summary gives that network figure and further context on its EV business.
Strong order interest was encouraging, but it did not by itself prove that the target was achievable. A backlog can grow when demand exceeds supply, while customers still wait for cars. Locked-in orders are not completed deliveries, and an expanding order queue is not a substitute for manufacturing and handing over vehicles at the required pace. Rapid expansion also brings execution risks: a supply interruption, rework, delivery-center bottlenecks or quality problems can slow the conversion from orders to handovers.
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The SU7’s place in Xiaomi’s business
The SU7 was Xiaomi’s first production EV and an entry into China’s crowded electric-car market. At launch, Xiaomi priced the Standard at RMB 215,900, the Pro at RMB 245,900 and the Max at RMB 299,900. The base version was positioned below the China-market Tesla Model 3 price at the time, while likely comparison points also included Chinese electric sedans such as the XPeng P7, Zeekr 007 and Luxeed S7. The Associated Press covered the launch and Xiaomi’s connected-car positioning.
Xiaomi’s pitch extended beyond the car itself. It presented the SU7 as part of its “Human × Car × Home” ecosystem, linking vehicle software with its phones and smart-home products. That gave the company a way to draw on its consumer-electronics brand and connected-device experience, but it did not remove the harder requirements of building cars: sustained factory output, component sourcing, service coverage and customer support. Early demand showed market interest; it did not establish lasting market dominance in China’s highly competitive EV sector.
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What was—and was not—known about the next model
Xiaomi president Lu Weibing confirmed on the earnings call that the company was developing another EV model. He said details were confidential and that Xiaomi’s immediate priority was producing and delivering the SU7. At the time, Xiaomi had not officially disclosed the new vehicle’s name, body style, specifications, price or timing. Contemporaneous reporting on Lu’s remarks distinguished the confirmation of development from the unanswered product questions.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Some media reports speculated that the next vehicle would be an electric SUV positioned against the Tesla Model Y, potentially with production in 2025. Those were reports about a possible product, not details Xiaomi confirmed in May. The defensible conclusion was narrower: a second model was under development, while the SU7 remained the public and operational focus.
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How to read the target in retrospect
Later events show that Xiaomi’s delivery ambition continued to change as the business scaled. In November 2024, after reaching 100,000 cumulative SU7 deliveries ahead of schedule, the company raised its 2024 target to 130,000. That subsequent revision should not be mistaken for what Xiaomi had announced in May; it is useful only as hindsight on how management adjusted its goal. The later figure appears in Xiaomi’s Q3 announcement.
For investors and readers assessing the original 120,000 target, the key distinction is between demand and execution. Xiaomi had evidence of strong initial interest and was investing in a faster production and delivery operation. But the required average of about 14,900 monthly handovers from June onward was well above the April and May monthly totals. Whether the company could meet the ambition depended on how quickly factory capacity, supply chains and customer-delivery operations scaled together.
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