Overview
- The 500,000th vehicle rolled off Xiaomi’s Beijing line 19 months after the company launched its EV unit.
- Record demand for the YU7 hit 200,000 pre-orders in three minutes and 240,000 locked-in within 18 hours, with delivery waits reaching up to 52 weeks.
- Xiaomi is expanding its Beijing plant and will cover any year-end purchase tax increase for customers who order by November 30.
- The EV and AI division reported a 700 million yuan quarterly profit, with rising automotive memory costs and planned incentive changes flagged as margin headwinds.
- The SU7 sedan and YU7 SUV compete directly with Tesla’s Model 3 and Model Y, reinforcing Xiaomi’s status as a growing rival in China’s premium EV market.