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Chinese automakers BYD, Leapmotor, and Xiaomi have exceeded their annual delivery targets ahead of schedule, reflecting strong market demand. BYD delivered over 504,000 vehicles in November, while Leapmotor and Xiaomi surpassed their targets of 250,000 and 100,000 deliveries, respectively. Other brands like Zeekr and Xpeng also reported significant growth, with Zeekr delivering nearly 195,000 cars this year and Xpeng achieving record deliveries of nearly 31,000 in November.
Xiaomi is set to launch its electric car, the SU7, which integrates seamlessly with its ecosystem of smart home products, allowing users to control devices like vacuums and air conditioners from the vehicle. The SU7 features a powerful triple-motor drivetrain and a user-friendly operating system compatible with both iOS and Android. Upcoming models include the MX11, an electric SUV, and a potential extended-range vehicle, reflecting Xiaomi's ambition to capture the young Chinese consumer market.
Chinese electric vehicle sales surged, with 53% of new auto sales being plug-in vehicles in October, led by BYD. Solid-state battery advancements were highlighted, including new factories from Chery and Honda. Tesla expanded into the Philippines, while Hyundai unveiled the IONIQ 9, expected to be a hit in the US market.
Plugin vehicles in China achieved a record 53% market share in October, with over 1.19 million sales, marking a 57% year-over-year increase. BYD dominated the market, securing eight of the top ten spots, led by the BYD Song, while Tesla's Model Y ranked sixth. The overall market is projected to approach 50% electrification by year-end, with significant growth in both BEVs and PHEVs.
Chinese electric vehicle manufacturers are rapidly outpacing their U.S. counterparts, with BYD leading in plugin vehicle sales and companies like NIO, XPENG, and Xiaomi making significant strides in global markets. Meanwhile, traditional U.S. automakers like Ford and GM are noticeably absent from the competitive landscape, as Tesla's future relies heavily on uncertain AI and robotaxi developments. The gap between Chinese and U.S. EV progress is expected to widen further in the coming years.
Xiaomi has made a significant entry into the electric vehicle market, reporting $1.34 billion in revenue from "smart EV and other new initiatives" in Q3, a 52.3% increase quarter over quarter, with a gross profit margin of 17.1%. The company delivered 39,790 electric vehicles and claims to be the fastest new auto OEM to produce 100,000 vehicles, achieving this milestone in just 230 days. Its SU7 Ultra model boasts impressive specifications, including a 0-100 km/h acceleration in 1.98 seconds, positioning Xiaomi as a formidable player in the EV sector.
Xiaomi Corp reported a 30.5% increase in Q3 revenue, driven by strong demand for its first electric vehicle, the SU7 sedan, launched in March. The company raised its sales target to 130,000 units for the year and doubled production shifts to meet demand, despite the auto division operating at a loss. Xiaomi also maintained its position as the world's third-largest smartphone maker, with a slight increase in shipments.
Xiaomi Corp. reported a quarterly revenue of 92.5 billion yuan ($12.8 billion), surpassing analyst expectations of 90.3 billion yuan, with a 31% increase in sales. The company's entry into the electric vehicle market, initiated in March, contributed approximately 9.5 billion yuan to this growth.
Xiaomi Corp. has raised its electric vehicle delivery target for 2024 to 130,000 units, an increase of over 8% from the previous goal of 120,000. Co-founder Lei Jun announced this ambitious objective on social media, highlighting the company's commitment to competing in the crowded EV market alongside giants like Tesla and BYD.
Zeekr reported a remarkable 92% increase in EV deliveries in October, reaching a record 25,049 vehicles, surpassing its previous high of 21,333 in September. The Geely-backed automaker aims for 230,000 deliveries in 2024, needing over 31,000 in the final two months of the year. Meanwhile, Xpeng also achieved a personal best with 23,917 deliveries, while Li Auto delivered 51,443 cars, slightly below its September record.
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