Calling the Xiaomi SU7 and YU7 breakout successes is almost putting it lightly – over 300,000 units have already been sold to date cumulatively, in less than two years since its first model was even announced, and despite only being on sale in China. Come 2027, that number could balloon even more, as Xiaomi will finally begin exporting their vehicles to overseas markets, with its first destination set for Europe.
Xiaomi president, Lu Weibing, announced the export plan in an earnings call yesterday, adding that the company is currently in the research and preparation stage for the effort. Lu also recently published a photo of the Xiaomi SU7 Ultra bearing German licence plates, stating that it was Xiaomi’s first experimental vehicle registered in Europe.
Prior to its export operations, though, the electronics-giant-turned-carmaker will have to seriously bulk up its production capacity, as most of it has already been snapped up, at least until the middle of next year. CnEVPost reports that the waiting period for the Xiaomi SU7 and YU7 are now as long as 58 weeks.
Xiaomi founder, chairman, and CEO Lei Jun previously said in a live video broadcast that Xiaomi is currently prioritise meeting domestic market delivery demands, although it expects to be ready to enter overseas markets in 2027.
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As revealed in the company’s financial report released yesterday, Xiaomi delivered a record 81,302 vehicles in the second quarter of the year, up 197.73% year-on-year, and 7.16% from the first quarter. Its latest model, the Xiaomi YU7, recorded 240,000 locked-in orders in 18 hours of the opening of order books.
The company’s EV business generated a revenue of CNY20.6 billion (approx. RM12.1 billion) in the same period, with Lu revealing that it is expected to achieve monthly or quarterly profitability in the second half of this year – a significant achievement given that it only began deliveries of the SU7 in April 2024.
Tesla took five years to achieve quarterly profitability, and XPeng has yet to do so after approximately seven years on sale. That said, Lu clarifies that the business still has significant cumulative losses due to investments of over CNY30 billion (approx. RM17.8 billion) over the past three years.
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