Electric Vehicle

Xiaomi’s SU7 EV launch boosts market value by $7.6 billion

Date: April 03, 2024. Xiaomi, an electronics maker, has entered the electric vehicle (EV) market with the launch of its first mass-produced EV, the Xiaomi SU7. This move has led to a surge in Xiaomi’s market value, adding up to $7.6 billion as shares rose by as much as 16%. The launch event, influenced by Porsche styling, marked Xiaomi’s shares reaching their highest since January 2022.

The SU7, also known as Speed Ultra 7, is an electric vehicle entering the competitive Chinese EV market at a price tag of under $30,000 for the base model. Despite a strong market response with 88,898 pre-orders within the first 24 hours, analysts from Citi Research forecast significant losses for Xiaomi, estimating a net loss of 4.1 billion yuan ($566.82 million) for the year, equating to roughly 68,000 yuan ($9,400.96) per car based on a projected volume of 60,000 units.

In addition to its competitive pricing, the Xiaomi SU7 features integration of Hesai‘s AT128 long-range lidar, a notable feature in intelligent driving technology. The Pro and Max versions of the SU7 include the Xiaomi Pilot Max intelligent driving solution, incorporating the NVIDIA DRIVE Orin computing platform and Hesai’s AT128 lidar. This combination enhances perception reliability, positioning the Xiaomi SU7 as a notable option in intelligent driving capabilities.

The design of the Xiaomi SU7 features a “pebble” aesthetic with a “watchtower style” lidar integration on the roof, enhancing both elegance and aerodynamic performance. The self-developed technology architecture simplifies intelligent driving by converting images into driving trajectories, thereby offering a driving experience.

Looking ahead, Xiaomi and Hesai are committed to deepening their collaboration, focusing on the “human-vehicle-home ecosystem” strategy to drive the advancement of intelligent driving technology, expand application areas, and deliver safe, enjoyable travel experiences to users worldwide.

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