Starting at 215,900 yuan! The price of Xiaomi's three versions of SU7 is released

Xiaomi SU7 was released shockingly, determined to be the best-looking, best-driven, smartest, and high-quality car within 500,000!

At 19:00 on March 28, Beijing time, Xiaomi Group (01810.HK) held a SU7 launch conference. Lei Jun, chairman and CEO of Xiaomi Group, said at the press conference that Xiaomi SU7 has three versions:

The price of the SU7 standard version is 215,900 yuan. Before April 30, Dading, free car smart refrigerator, luxury audio, leather seats. Mi Smart Drive Pro is free to use for life.

The SU7 Pro is priced at 245,900 yuan. Before April 30th, the refrigerator, luxury audio, leather seats, and electric rear wing worth 22,000 yuan will be given away for free, and Xiaomi Smart Driving Max will be worth 26,000 for free for life.

SU7 Max售价29.99万元。

Johnson Wan, an analyst at Jefferies Financial Group Inc., said: "If my guess is correct, the 200,000 to 250,000 yuan range is actually the most competitive price in China's electric vehicle sector right now." ”

Lei Jun said that the product goal of Xiaomi SU7 is to build the best looking car within 500,000, the best car to drive within 500,000, and the smartest car within 500,000, and it is a high-quality car. Previously, at the Xiaomo technology conference, Lei Jun said that Xiaomi Auto's goal is to build a car comparable to Porsche, Tesla (TSLA. O) of "Dream Car".

The SU7 will debut in nine colours. The Xiaomi SU7 is available in 4 interior colors and 4 wheel tires each.

Xiaomi SU7 in 9 colors

Lei Jun said that the total test mileage of Xiaomi SU7 is 5.4 million kilometers, and in-depth tests have been done in 300 cities. Lei Jun said that the SU7 is the "fastest car" currently priced at less than 500,000 yuan, achieving 000 acceleration in 2.78 seconds and a top speed of 265 km/h. Lei Jun pointed out that the Xiaomi SU7 has a long battery life, and the standard starting range is 700 kilometers under CLTC conditions. Among them, the Xiaomi SU7Max version achieves both 2s 000 acceleration and 800km+ ultra-long range, which is the only one in the Chinese market. At the same time, he said that the range is the most expensive configuration, and the battery cost is 30 to 35 percent of the entire car.

In the intelligent driving technology test, the cumulative number of real vehicle road tests and the cumulative simulation test of 250 million kilometers have been completed. Lei Jun said that Xiaomi has two sets of intelligent driving solutions, namely Xiaomi Pilot Pro and Xiaomi Pilot Max. Among them, Xiaomi's intelligent driving solution, Xiaomi Pilot Max, will start user testing in April, officially open 10 cities in May, and open nationwide in August. The Xiaomi SU7 will be equipped with intelligent assisted driving as standard in all models, and the high-speed NOA will be delivered as soon as it is launched. At the press conference, Lei Jun reiterated that in 2024, Xiaomi Auto will enter the first camp of the intelligent driving industry.

Lei Jun said that intelligence and ecology are Xiaomi's core advantages. He introduced that the whole Xiaomi SU7 car is equipped with a rich ecological expansion interface. The center control screen can be expanded on the left and right sides, the center console fragrance, intercom, and speaker can be changed as you like, the seatback tablet stand is easy to get on the Xiaomi tablet/iPad, there are 3 1/4 standard threaded interfaces, and Xiaomi CarIoT opens up the in-vehicle intelligent ecology. He also said that Apple users will also have a good experience driving Xiaomi cars, and Xiaomi SU7 may be the best model to support Apple's ecology. Wireless CarPlay, the two systems can be selected at will, and the rear seat control car can support iPad boarding.

Lei Jun announced information about the energy consumption of Xiaomi car SU7, which will be divided into two versions: 400V and 800V:

400V version: Based on the 486V global silicon carbide platform, it can charge for 138km in 5 minutes and 350km in 15 minutes.

800V version: Based on the 871V silicon carbide high-voltage platform, it can charge for 220km in 5 minutes and 510km in 15 minutes.

In addition, the price of the 7kw charging power version of the Xiaomi home charging pile is 3999 yuan, and the price of the 11kw version is 5999 yuan.

Xiaomi SU7 vehicle glass area of 5.35 square meters, sunroof glass double-layer silver-plated, front windshield three-layer silver-plated, side window optical coating, isolation of ultraviolet, infrared, sunscreen test results: 38 °C exposure for 1.5 hours, Xiaomi SU7 temperature is 12 °C lower than Tesla Model 3.

Li Xiang, founder and chairman of Li Auto, a new force in China's car-making industry, Li Bin, founder and chairman of NIO, and He Xiaopeng, founder and chairman of Xpeng Motors, were also invited to the scene to cheer for Xiaomi's new car. In addition, Wei Jianjun, chairman of Great Wall Motors, and other veterans of the automotive industry were also invited.

Li Xiang, Li Bin, He Xiaopeng, Wei Jianjun and others cheered for Xiaomi SU7

Expected yield

JPMorgan analysts, including Gokul Hariharan, wrote in the note: "The EV business could be a drag on Xiaomi's profitability until mass production is achieved, but we expect this to be a positive share price driver in the initial stages of early volume shipments." They added that the market expects shipments of more than 50,000 units in the first 12 months of the SU7's launch.

In addition, Citibank expects shipments from 2024 to 2026 to be 58,700, 125,500 and 194,700 units, respectively.

Timothy Zhao, an analyst at Goldman Sachs Group, predicts that Xiaomi's electric vehicle sales will reach 14 billion yuan in 2024 based on shipments of 65,000 units and an average selling price of 225,000 yuan. Xiaomi's total sales last year were 271 billion yuan.

Causing "too hard"

Foreign media said that although Xiaomi has a loyal following and an ecosystem of smart technologies, its electric vehicle business model is different and more costly. As the fierce price war intensifies, few local manufacturers have been able to remain profitable, with the exception of BYD and Li Auto.

In recent years, the crowded EV segment has waned in appeal as Tesla and BYD have been locked in a price war to attract Chinese consumers, while other companies in the industry have seen their profit margins fall and growth slow. According to the China Passenger Car Association, retail sales of electric vehicles and plug-in hybrid vehicles fell 12% year-on-year to 388,000 units in February. Chinese EV startups such as NIO and XPeng have been selling EVs for more than five years but are still incurring operating losses.

Apple recently canceled its long-simmering electric vehicle project because it failed to overcome the challenge of applying its technical expertise to new manufacturing areas. At the press conference, Lei Jun said that the biggest feeling in the past three years is that it is too difficult to build a car, and even opponents like Apple have given up, and manufacturers who are still making cars can be called "heroes".

Dan Baker, an analyst at Morningstar stocks, said Xiaomi may have some advantages over its competitors because it is "already a very well-known brand and may be able to leverage existing distribution channels." However, "near-term profit forecasts are likely to be negative".