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Xiaomi Corp (HK:1810) reported record electric vehicle (EV) deliveries in July, surpassing 30,000 units after launching its second EV, the YU7 SUV. The milestone marks a sharp increase from June’s 25,000 deliveries, reflecting rising demand for Xiaomi’s expanding EV lineup.
The YU7, revealed in late June and launched in early July, quickly attracted strong consumer interest, with pre-orders exceeding 200,000 within minutes. Positioned to rival Tesla’s Model Y, the YU7 targets the growing mid-to-premium SUV segment in China’s competitive EV market.
Xiaomi’s first EV, the SU7 sedan, achieved notable success since its debut last year, despite intense competition from major Chinese automakers. The model also faced brief controversy earlier this year over safety features and a performance component, but sales momentum remained resilient.
The surge in deliveries highlights Xiaomi’s rapid expansion in the EV sector as the company diversifies beyond smartphones and consumer electronics. The automaker is aggressively scaling production capacity to meet surging domestic demand and strengthen its foothold in China’s fast-growing new energy vehicle market.
Shares of Xiaomi rose 0.3% in Hong Kong trading following the announcement, outperforming a 0.3% decline in the Hang Seng Index. The company’s continued push into electric mobility comes amid broader industry competition, with Chinese brands racing to challenge global players like Tesla in the world’s largest EV market.
Xiaomi’s strong order momentum and record monthly deliveries signal its increasing relevance in China’s EV landscape, setting the stage for further growth as it expands its vehicle portfolio.
