Xiaomi raises EV deliveries goal again on surging demand

Brenda Goh - Reuters - 18/11
China's Xiaomi Corp said on Monday it aimed to deliver 130,000 electric vehicles this year, raising its forecast for the third time as the automaker upstart posted a 30.5% jump in third-quarter revenue.
  • Chinese tech giant aims to deliver 130,000 EVs in 2024
  • President says factory has capacity to make 20,000 cars a month
  • Q3 revenue jumps 30.5%
SHANGHAI/BEIJING, Nov 18 (Reuters) - China's Xiaomi Corp (1810.HK), opens new tab said on Monday it aimed to deliver 130,000 electric vehicles this year, raising its forecast for the third time as the automaker upstart posted a 30.5% jump in third-quarter revenue.
CEO Lei Jun said on his social media account that the electronics maker was raising its goal from a previous target to deliver 120,000 of its first EV, the SU7 sedan, as demand surges. This is also far more than an initial goal of 76,000 it set when it launched the SU7 early this year.
Xiaomi launched the car, which takes styling cues from Porsche, in March, entering a crowded Chinese EV market with an attention-grabbing price tag - under $30,000 for the base model, $4,000 cheaper than that of Tesla's (TSLA.O), opens new tab Model 3 in China.
EV and plug-in hybrid sales in China have grown to account for over half of overall sales in the world's largest auto maker. In October they grew by 56.7% from the prior year, marking the fourth consecutive month battery-powered autos including plug-ins outsold gasoline cars in the country.
To keep up with demand, Xiaomi has doubled production shifts since June and launched the premium SU7 Ultra model priced at more than $110,000.
Xiaomi's President Lu Weibing told a post-earnings call that its factory now had the capacity to make 20,000 cars each month and that ...
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