Source: Golden Ten Data
The Xiaomi SU7 was released by surprise. It aims to be the best looking, best driving, smartest, and high quality car under 500,000!
March 28, 19:00 Beijing time$XIAOMI-W (01810.HK)$The SU7 launch conference was held. Lei Jun, Chairman and CEO of Xiaomi Group, said at the press conference that there are three versions of the Xiaomi SU7:
The SU7 standard edition is priced at 215,900 yuan. By April 30, we will give away a free car smart refrigerator, luxury audio, and leather seats. The Xiaomi Smart Driving Pro is free for life.
The SU7 Pro costs 245,900 yuan. Before April 30, the refrigerator, luxury audio, leather seat, and electric rear wing worth 22,000 yuan will be delivered free of charge, and the Xiaomi Smart Driving Max will be worth 26,000 free for life.
The SU7 Max sells for 299,900 yuan.
Joe Johnson Wan, an analyst at Jefferies Financial Group Inc. (Jefferies Financial Group Inc.), said, “If my guess is correct, the 200,000 to 250,000 yuan range is actually currently the most competitive price in China's electric vehicle sector.”
Lei Jun said that the product goal of the Xiaomi SU7 is to build the best looking car under 500,000, the best car to drive under 500,000, the smartest car under 500,000, and a high-quality car. Earlier, at the Xiaomo technology conference, Lei Jun stated that Xiaomi's goal is to build a “Dream Car” comparable to Porsche and Tesla (TSLA.O).
The SU7 will debut in 9 colors. The Xiaomi SU7 has 4 options for interior colors and wheel tires.
Lei Jun said that the total test mileage of the Xiaomi SU7 is 5.4 million kilometers, and in-depth tests have been carried out in 300 cities. Lei Jun said that the SU7 is currently the “fastest car” with a price of less than 500,000 yuan. It has achieved zero hundred acceleration in 2.78 seconds and a maximum speed of 265 km/h. Lei Jun pointed out that all Xiaomi SU7 series have a long battery life, and the standard starting battery life is 700 kilometers under CLTC conditions. Among them, the Xiaomi SU7Max version simultaneously achieves 2S class zero hundred acceleration and 800km+ long battery life. This is the only model in the Chinese market. At the same time, he said that battery life is the most expensive configuration, and the battery cost is 30% to 35% of the entire car.
In intelligent driving technology tests, actual vehicle road tests totaled more than 10 million kilometers, and simulation tests totaled 250 million kilometers. Lei Jun said that Xiaomi has two smart driving solutions, namely Xiaomi Pilot Pro and Xiaomi Pilot Max. Among them, Xiaomi's smart driving solution, Xiaomi Pilot Max City NOA, will begin user testing in April, officially launch 10 cities in May, and launch nationwide in August. All Xiaomi SU7 models will be equipped with intelligent assisted driving as standard, and the high-speed NOA will be delivered as soon as it is launched. At the press conference, Lei Jun reiterated that in 2024, Xiaomi will enter the first camp in the intelligent driving industry.
Lei Jun said that intelligence and ecology are Xiaomi's core strengths. He explained that all Xiaomi SU7 cars are equipped with rich ecological expansion interfaces. The center control screen can be expanded up, down, left, and right; the center console fragrance, intercom, and speaker can be changed as you like; the seat back tablet stand makes it easy to get on the car; there are 3 1/4 standard threaded connectors; and the Xiaomi Cariot opens the car's intelligent ecosystem. He also said that Apple users will also have a good experience driving a Xiaomi car, and the Xiaomi SU7 is probably the best model that supports Apple's ecosystem. Wireless CarPlay, two sets of systems can be selected for interaction; the rear row control car can support iPad boarding.
Lei Jun announced information on the energy consumption of the Xiaomi SU7. The Xiaomi SU7 will be divided into 400V and 800V versions:
400V version: Based on the 486V global silicon carbide platform, charging for 138 km in 5 minutes and charging for 350 km in 15 minutes.
800V version: Based on the 871V silicon carbide high pressure platform, charging for 220 km in 5 minutes and charging for 510 km in 15 minutes.
In addition, the 7kw charging power version of the Xiaomi household charging station is priced at 3,999 yuan, and the 11kw version is priced at 5,999 yuan.
The entire glass area of the Xiaomi SU7 is 5.35 square meters, the canopy glass is double-coated, the front windshield is three-layer silver-plated, and the side windows are optically coated to protect against UV and infrared rays. Sun protection test results: Exposure to 38℃ for 1.5 hours; the temperature of the Xiaomi SU7 is 12℃ lower than that of the Tesla Model 3.
Li Xiang, founder and chairman of Ideal Auto, a new Chinese car-building force; Li Bin, founder and chairman of NIO; and He Xiaopeng, founder and chairman of Xiaopeng Motors, were also invited to cheer for the new Xiaomi car. In addition, Wei Jianjun, chairman of Great Wall Motors, and other veterans of the automobile industry were also invited.
Expected production
J.P. Morgan analysts, including Gokul Hariharan, wrote in the report: “The electric vehicle business may drag down Xiaomi's profitability until mass production is achieved, but we expect this to be a positive stock price driver in the early stages of mass shipments.” They added that the market expects more than 50,000 units to be shipped in the first 12 months of SU7 launch.
Furthermore, Citibank expects shipments of 58,700, 125,500, and 194,700 vehicles from 2024 to 2026, respectively.
Goldman Sachs Group analyst Timothy Zhao predicts that in 2024, based on shipments of 65,000 vehicles and an average sales price of 225,000 yuan, Xiaomi's electric vehicle sales will reach 14 billion yuan. Xiaomi's total sales last year were 271 billion yuan.
Building a car is “too difficult”
Foreign media said that although Xiaomi has loyal followers and an intelligent technology ecosystem, its electric vehicle business model is different and the cost is higher. As the fierce price war intensifies, apart from BYD and Ideal Auto, few local manufacturers are able to remain profitable.
In recent years, as Tesla and BYD are involved in a price war to attract Chinese consumers, while profit margins of other companies in the industry have declined and growth has slowed, the appeal of the crowded electric vehicle sector has gradually declined. According to data from the China Passenger Vehicle Association, retail sales of electric vehicles and plug-in hybrid vehicles fell 12% year on year to 388,000 units in February. Chinese electric vehicle startups such as NIO and Xiaopeng have been selling electric vehicles for more than five years, but they are still experiencing operating losses.
Apple recently “broke the arm” and cancelled its long-planned electric vehicle project because it failed to overcome the challenges of applying its technical expertise to new manufacturing fields. At this press conference, Lei Jun said that his biggest feeling in the past three years is that it is really difficult to build cars. Even rivals like Apple have given up, and manufacturers that are still building cars can be called “heroes.”
Morningstar stock analyst Dan Beck said Xiaomi may have some advantages over competitors because it “is already a very well-known brand and may be able to utilize existing distribution channels.” However, “the near-term profit forecast is likely to be negative.”
editor/tolk