Xiaomi SU7: The "King of Scarcity" in the New Energy Vehicle Market
With the official start of Xiaomi SU7 deliveries on April 3, the first batch of owners who got Xiaomi's new energy vehicles are beginning to look for various ways to quickly monetize. From "renting cars to Internet celebrities" to opening live broadcasts to bring goods, reselling second-hand cars, etc., they are actively using the "scarce" resource of Xiaomi SU7 to maximize profits. However, this reflects a microcosm of the current imbalance between supply and demand in the new energy vehicle market.
01 "Treated as a scarce commodity before delivery"
The popularity of the Xiaomi SU7 has never subsided. Since its release in January 2023, this new energy vehicle led by Lei Jun has been on the cusp of the attention of the auto market.
On April 3, Xiaomi SU7 officially began to be delivered, but due to limited production capacity, not only the delivery of the first 5,000 founding version models has not been completed, but also the standard version and Max version that are about to usher in the delivery of the user reservation and delivery cycle There is also a long waiting period in terms of user appointment and delivery cycle. According to the data, the estimated delivery time of the Xiaomi SU7 Max version has reached 29 weeks to 32 weeks, even exceeding the official delivery time of 7 months.
At the same time, the test drive demand of Xiaomi SU7 is also in a state of explosion. Before the Qingming Festival, the number of test drivers in a single Xiaomi car store is expected to be as high as 90-120 people per day. In order to meet the needs of test drives, many new Xiaomi SU7 owners choose to take the initiative to rent out their cars, and the rental price is often 2000 yuan - 3000 yuan per day. This data is in stark contrast to the rental price of Tesla Model 3 at around 300 yuan per day.
It can be said that against the backdrop of slow deliveries of the Xiaomi SU7 and a serious shortage of test drive vehicles, this model has been regarded as a "scarce" commodity by the first owners. They have turned this "scarce resource" into a channel for profit, not only renting out to earn rent, but also monetizing through various ways such as live streaming and creating fashion IP.
As a new local car manufacturer in China that benchmarks Tesla and Porsche, Xiaomi SU7 is undoubtedly the focus of social attention. But in stark contrast, in the context of a serious imbalance between supply and demand, this model has instead been given the role of a "scarce commodity". From the delivery cycle to the test drive appointment, to the second-hand car transaction and other links, Xiaomi SU7 has become the object of "wool".
02 The capacity dilemma is difficult to solve, and the transfer of hands continues to be staged
For Xiaomi SU7, the root cause of this "short supply" state should be the problem of production capacity.
It is reported that the Xiaomi automobile plant will be built in two phases, with an annual production capacity of 150,000 units in the first phase, which is expected to be completed in June 2023; The second phase is scheduled to start construction in 2024 and be completed in 2025. This means that the maximum production capacity of Xiaomi cars in 2024 will not exceed 100,000 units. At the same time, Xiaomi Auto currently has a monthly production capacity of about 7,000 units, but has recently raised its target to 12,000 units.
Obviously, the extremely high market demand for the Xiaomi SU7 has formed a serious deviation from its limited production capacity. This also makes the delivery schedule of this model far away, and at the same time greatly stimulates the used car trading market.
Some car owners choose to sell their Xiaomi SU7 for profit, not only to put the vehicle up for sale, but also to attract attention while selling it. For example, he posted on the second-hand car platform that "I want to buy Xiaomi SU7, can you understand the mood of a rice fan", etc., using the popularity of Xiaomi SU7 to promote your own second-hand car. Some people even directly use the topic of rights protection to attract people into the group to charge fees, and charge hundreds of yuan in "assistance fees" under the guise of "helping you refund your deposit".
This phenomenon is actually not limited to the Xiaomi SU7, and we have seen similar "wool-picking" behavior in the Tesla Model 3. In March 2022, Tesla raised the prices of domestically produced models three times in a week, which also led to a hot resale of Tesla's orders for a while.
But unlike Tesla, the Xiaomi SU7 is currently facing a capacity dilemma that may last for a long time. According to industry analysis, it may take at least 1-2 years for Xiaomi Auto to completely alleviate the capacity crisis. This means that the "scarce" identity of Xiaomi SU7 is difficult to fundamentally change in the short term, and the opportunities for car owners to profit from it will continue to exist.
03 Differentiated experience is key
For Xiaomi SU7 owners, simple rental monetization is obviously a stopgap measure. In the long run, they should think about how they can monetize more value with this model.
On the one hand, the advantages of Xiaomi SU7 in intelligent configuration still need to be further exerted. At present, the test drive time of Xiaomi car stores is only about 15 minutes, and it is not possible to fully experience the intelligent driving function. This makes many people choose to experience it temporarily by renting.
In the future, if Xiaomi can provide more abundant test drive projects and let users fully feel the actual performance of the on-board intelligent system, this will undoubtedly become a powerful killer feature to attract consumers. At the same time, more influencers can also be invited to have an in-depth experience with Xiaomi SU7 through online live broadcasts, so as to further stimulate consumers' desire to buy.
On the other hand, Xiaomi Auto can also consider introducing more preferential policies for Xiaomi SU7 owners. For example, car owners will be built into "experience officers" in the Xiaomi ecosystem, and these car owners will become the image ambassadors of Xiaomi car products by providing free test drive vehicles and giving priority to experiencing new features. This will not only help strengthen the differentiation of the Xiaomi SU7 model, but also allow car owners to better participate in the development of Xiaomi cars.
At the same time, Xiaomi Auto can also consider carrying out targeted training and service support for these car owners, so that they can provide potential users with a more professional product experience. This can not only enhance the stickiness of car owners, but also bring more new customers to Xiaomi Auto.
Overall, the Xiaomi SU7 is at a critical stage of development. Although its current "scarce" attribute allows some people to find various monetization opportunities from it, in the long run, how to attract more consumers through differentiated experiences is the problem that Xiaomi Auto needs to focus on. Only by giving full play to the advantages of the product itself can Xiaomi Auto truly win the recognition of consumers and ultimately achieve sustainable and healthy development.