Source: Broker China
After three years of sharpening his sword, Lei Jun finally reached the time to hand over his documents.
March 28 at 7 p.m., in the spotlight$XIAOMI-W (01810.HK)$The official press conference for SU7 cars kicked off in Beijing. Lei Jun, founder, chairman and CEO of Xiaomi Group, delivered a speech. Lei Jun announced that the Xiaomi SU7 is officially on the market, starting at 215,900 yuan. The SU7 is divided into the standard version, the PRO long battery life version, and the MAX version. Among them, the standard version costs 215,900 yuan, the PRO version costs 245,900 yuan, and the MAX version costs 299,900 yuan.
All Xiaomi SU7 series have a long battery life, and the standard starting battery life is 700 kilometers under CLTC conditions. The Xiaomi SU7 Max version simultaneously achieves 2S class zero hundred acceleration and 800km+ battery life. At the same time, Lei Jun said at the press conference that not talking about the configuration, the pricing is a scoundrel; battery life is the most expensive configuration. After the price was released, Xiaomi Group (ADR) US stocks rose nearly 5%.
Regarding the sales outlook, Xiaomi Group President Lu Weibing previously stated at the performance conference that the company has a simple goal — a single product wants to enter the top three in the pure electric luxury car industry.
According to Xiaomi's latest 2023 performance report, in 2023, the Xiaomi Group achieved revenue of 270,97 billion yuan, a year-on-year decrease of 3.2%; adjusted net profit for the whole year was 19.273 billion yuan, an increase of 126.3% over the previous year. Xiaomi continues to reach record highs in terms of cash reserves. According to financial reports, as of the end of 2023, Xiaomi's cash reserves were 136.3 billion yuan.
Lei Jun's major announcement
At 7 p.m. on March 28, the high-profile Xiaomi SU7 official press conference kicked off in Beijing. Lei Jun delivered a speech introducing Xiaomi's first new energy vehicle, the Xiaomi SU7.
At the beginning of the press conference, Lei Jun once again emphasized, “I am willing to bet on all the records and reputation I have accumulated in my life to fight for Xiaomi cars!”
Lei Jun first shared Xiaomi's 2023 earnings data, with 641 million monthly active users worldwide, laying a good foundation for the development of Xiaomi cars; R&D investment is expected to reach 24 billion yuan in 2024, showing the attitude of building cars with real money. Lei Jun said that in the three years since the car was built, his biggest feeling was that it was really difficult to build a car; he didn't expect even a giant like Apple to give up.
Subsequently, Lei Jun announced that the Xiaomi SU7 was officially released. According to Lei Jun, the Xiaomi SU7 was thoroughly tested in 300 cities. The total road test mileage was 5.4 million kilometers, and 576 test vehicles were invested. The Xiaomi SU7 will debut in 9 colors.
Lei Jun explained at the press conference that the goal of the Xiaomi SU7 is to build the best looking, easy to drive, and smart car within 500,000 yuan, but also a high-quality car. The Xiaomi SU7 achieved zero hundred acceleration of 2.78s and a maximum speed of 265 km/h. Directly against the Porsche Taycan, I was excited every time I drove.
Lei Jun said that all Xiaomi SU7 series have a long battery life, and the standard starting battery life is 700 kilometers under CLTC conditions. At the same time, Lei Jun said that talking about pricing without talking about configuration is a hoax; battery life is the most expensive configuration.
Lei Jun explained that Xiaomi is preparing to build a Xiaomi supercharging station. Using the 600kW liquid-cooled overcharging scheme, the first planned cities of Beijing, Shanghai, and Hangzhou will be gradually built.
At the same time, Lei Jun revealed the Xiaomi SU7 power supplementation information: all series are “global silicon carbide,” and all series are not picky. Max version of the 871V high voltage platform, 510 km of energy reserve in 15 minutes; standard 486V high voltage platform, 350 km of energy replenishment in 15 minutes.
According to Lei Jun, the Xiaomi home charging pile, the 7kw charging power version, is priced at 3,999 yuan; the 11kw version is priced at 5,999 yuan.
Lei Jun said at the press conference that intelligence is the soul of cars. The Xiaomi SU7 will be equipped with intelligent assisted driving as standard, and high-speed NOA (automatic assisted navigation) 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 the Xiaomi SU7 Xiaomi Pilot Max City NOA will begin user testing in April, officially open 10 cities in May, and launch nationwide in August.
Lei Jun said that Apple users will also have a great experience driving a Xiaomi car. The Xiaomi SU7 will support wireless CarPlay and support iPad in the car. Intelligence and ecology are Xiaomi's greatest strengths.
Lei Jun announced that there are three versions of the Xiaomi SU7. The standard version (rear-drive long-range smart driving version) starts at 215,900 yuan; the Xiaomi SU7 Pro version costs 245,900 yuan; and the Xiaomi SU7 Max version costs 299,900 yuan. Before April 30, Dading will give away a free car smart refrigerator, luxury audio, and leather seats, and the Xiaomi Smart Driving Pro will be free for life.
Lei Jun previously responded to the pricing of Xiaomi cars. “The average price of cars with the same battery pack is over 400,000 yuan; it is impossible to sell for 99,000 yuan. Let's not talk about 149,000 people.”
Xiaomi SU7 configuration
Looking back over the past three months, whether it was a design similar to Taycan, a loud “self-research” slogan, or a “light show” to pay tribute to peers, it has garnered public attention.
On the day of the technical conference on December 28, 2023, the Xiaomi SU7 made a big debut. The shape is similar to the Porsche Taycan, and it is dubbed “Baoshimi” by the public.
The products, configurations, technology, etc. of the Xiaomi SU7 have been revealed one after another in recent months, and the driving experience has been released one after another.
According to official reports, in terms of integrated die-casting technology, Xiaomi has developed its own 9,100-ton large die-casting cluster, which exceeds Tesla's 9,000 tons in the US factory.
In terms of battery and battery life, the Xiaomi SU7 is equipped with a 101 kWh Ningde Era Kirin battery, a ternary lithium battery. The standard version of the Xiaomi SU7 starts at 700 kilometers (surpassing the Model 3 long battery life version); the Xiaomi SU7 Max reaches 810 kilometers and is equipped with Kirin batteries from the Ningde era.
In terms of power, the Xiaomi SU7 Max version showed amazing strength. The dual-motor all-wheel drive design has a peak torque of up to 838 N·m, which is comparable to the performance of a sports car with a 4.0L turbocharged engine. The total power is as high as 495 kW, and the maximum speed can reach 265 km/h. Acceleration from 0 to 200 km/h takes only 10.67 seconds, while acceleration from 100 km is as fast as 2.78 seconds, showing excellent acceleration performance.
As a result, the Xiaomi SU7 became the only domestic train that simultaneously achieved 2-second acceleration and 800+ km battery life.
Xiaomi's cash reserves exceed 130 billion yuan
According to Xiaomi's latest 2023 performance report, in 2023, the Xiaomi Group achieved revenue of 270,97 billion yuan, down 3.2% year on year; operating profit of 20.09 billion yuan, up 610.4% year on year; annual net profit of 17.474 billion yuan, up 598.2% year on year; and adjusted net profit for the whole year of 19.273 billion yuan, up 126.3% year on year.
Xiaomi continues to reach record highs in terms of cash reserves. According to financial reports, as of the end of 2023, Xiaomi's cash reserves were 136.3 billion yuan.
In 2023, Xiaomi Group's smartphone business revenue was 157.461 billion yuan, down 5.8% year on year; shipments were 146 million units, down 3.3% year on year.
In terms of market share, in 2023, Xiaomi's smartphone market share in the 4,000 yuan to 6,000 yuan price range in China was 16.9%, an increase of 9.2 percentage points over the previous year.
In terms of high-end, the Xiaomi Group's high-end smartphone shipments accounted for more than 20% of the total smartphone shipments in 2023. In 2023, the number of monthly active users of Xiaomi worldwide was 641 million.
In terms of expenditure, according to financial data released by the Xiaomi Group, the Group spent 19.1 billion yuan on R&D in 2023, an increase of 19.2% over the previous year. As of December 31, 2023, the number of Xiaomi R&D personnel reached 17,800, accounting for 53%.
Among all expenses, Xiaomi's spending on car construction is undoubtedly one of the most concerned figures in the industry.
According to data provided by the Xiaomi Group, with the official launch of Xiaomi's first car, the Xiaomi SU7 series, the cost of innovative businesses such as Xiaomi smart cars increased to 6.7 billion yuan in 2023 (excluding 800 million yuan in stock remuneration expenses related to innovative businesses such as smart electric vehicles). Of this, the fourth quarter was 2.4 billion yuan (excluding 200 million yuan in stock compensation expenses related to innovative businesses such as smart electric vehicles).
As for sales targets, Lu Weibing said that the company has a simple goal — a single product hopes to reach the top three in the pure electric luxury car industry. “Compared to sales, I think user experience, user reputation, and user satisfaction with this car are more important.” Lu Weibing said.
editor/tolk