As of April 20, locked-in orders for the Xiaomi SU7 have exceeded 70,000 units, Xiaomi founder Lei Jun said at an investor conference.

(Image credit: Xiaomi EV)

Chinese smartphone giant Xiaomi (HKG: 1810, OTCMKTS: XIACY) is aiming to deliver 100,000 units this year, as capacity becomes the main bottleneck at the moment.

Xiaomi is targeting 100,000 deliveries of its first electric vehicle (EV) model, the SU7, in 2024, Xiaomi founder, chairman and CEO Lei Jun announced at an investor conference today, according to information shared by the company's president, Lu Weibing, on Weibo today.

As of April 20, the Xiaomi SU7 has more than 70,000 units locked-in orders, Lei said at the investor conference.

"The current order lock-in momentum continues to be strong, thanks to users' trust in Xiaomi," Lu wrote on Weibo.

Xiaomi officially launched the SU7 on March 28, offering three trims -- standard, Pro, and Max -- with starting prices of RMB 215,900 ($29,800), RMB 245,900, and RMB 299,900, respectively.

Deliveries of the standard and Max versions of the customized cars would start at the end of April, and the Pro version at the end of May, the company said at the model's launch event.

Meanwhile, Xiaomi was offering a Founders Edition for the SU7, limited to 5,000 units, with deliveries starting on April 3, when Lei said the SU7 received more than 100,000 firm orders and more than 40,000 locked-in orders.

Xiaomi EV's factory is located in Yizhuang, Beijing, with a planned annual capacity of 300,000 units. The plant will be built in two phases, with annual production capacity of 150,000 units for Phase 1 and Phase 2, according to a previous announcement.

The first phase of the plant, completed in June 2023, covers an area of about 720,000 square meters and have an annual capacity of 150,000 vehicles. The second phase is scheduled to start construction in 2024 and is expected to be completed in 2025, according to an April 2 report by local media outlet Yicai.

Based on the capacity planning situation, the maximum production of Xiaomi SU7 will be around 100,000 units this year, the report noted.

Xiaomi EV had asked suppliers to increase production capacity to match the 10,000-unit monthly production, with higher priority given to the higher-trim variants, according to another report by Yicai on April 2.

Under the original production plan, Xiaomi EV would produce more than 3,000 units per month by March, growing to 4,000 to 5,000 units by April, and thereafter stabilizing at the 6,000-unit level by the end of the year, the report said.

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