Xiaomi EV will challenge a delivery target of 120,000 units for the full year 2024, implying a 20 percent increase from the previous target of 100,000 units.

Chinese smartphone giant Xiaomi (HKG: 1810, OTCMKTS: XIACY) is aiming for a higher delivery target, with the first electric vehicle (EV) model, the SU7, gaining popularity.

Xiaomi EV will deliver at least 100,000 units for the full year 2024 and will challenge a delivery target of 120,000 units, Xiaomi's management said in an earnings call today.

Previously, Xiaomi EV disclosed a SU7 delivery target of 100,000 units and the new target implies a 20 percent boost.

The Xiaomi EV factory will start double-shift production in June and will deliver at least 10,000 units that month, Xiaomi management said.

Local media outlet Securities Times first reported Xiaomi EV's higher annual delivery target earlier today, citing unnamed sources.

Xiaomi officially launched the SU7 on March 28, offering three versions -- 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 SU7 began in April, while deliveries of the SU7 Pro began earlier this month. In April, Xiaomi delivered 7,058 SU7 units.

On May 15, Xiaomi EV said it completed the delivery of its 10,000th SU7 and said it was continuing its efforts to ramp up production capacity to ensure it meets its 100,000-unit delivery target for the year.

Xiaomi was targeting SU7 deliveries to exceed 10,000 units in a single month in June, it said in its first quarter 2024 financial results announced earlier today.

By the end of 2024, Xiaomi EV's sales and service network will include 219 sales stores covering 46 cities and 143 service centers across 86 cities, covering almost all provinces, autonomous regions and municipalities in the Chinese mainland, it said.

The Xiaomi SU7 has gained unprecedented acceptance since its launch, with 88,063 units of orders locked in as of April 30, according to data released by Xiaomi EV on May 1.

Customers currently ordering the SU7 will have to wait at least 30 weeks for delivery, according to data monitored by CnEVPost.

On May 15, local media outlet Cailian reported that Xiaomi EV's factory in Beijing planned to begin a double-shift production model in June, increasing its daily production time from eight hours to 16 hours.

With the start of double-shift production, its full monthly capacity is expected to rise to a level of nearly 20,000 units, the report noted.

($1 = RMB 7.2412)

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