- Chinese Apple rival Xiaomi's big bet on EVs looks like it is paying off.
- The SU7 EV has proven a hit in China, and even attracted praise from Ford CEO Jim Farley.
- The tech giant said it surpassed its 100,000 annual sales target for the SU7 by November.
Xiaomi's SU7 has got the whole auto world talking, and the smart EV is flying off the shelves in China, passing its annual sales goal with over a month to spare.
The Tesla and Apple rival reported booming sales in its third-quarter results on Monday. Revenue rose 30.5% from the previous year due to strong sales of its smartphones and the SU7.
Xiaomi, which is the world's third-largest smartphone maker, launched the SU7, its first EV, earlier this year as part of a strategy to pivot into electric vehicles.
The SU7 is packed with high-tech features, including assisted driving software and remote voice control that allows drivers to turn on household appliances from inside their vehicle.
The 215,900 yuan ($30,000) EV has quickly become a bestseller in China, which is the world's largest electric vehicle market.
Xiaomi said deliveries of the SU7 exceeded 20,000 units in the month of October. The company is now targeting 130,000 deliveries this year after blowing past its previous annual goal of 100,000 in November.
The SU7 has also attracted fans outside China. Ford CEO Jim Farley praised the sedan as "fantastic"in a recent podcast interview and said that after driving one for the past six months, he didn't want to give it up.
The SU7's success puts pressure on Tesla, which is battling to remain relevant in China amid the growing clout of local automakers.
Elon Musk's company reported slipping sales in China in October, even as rivals like BYD, Xpeng, and Zeekr tout booming sales.
Xiaomi's smartphone business, meanwhile, grew by 3.1% in the third quarter of 2024, slightly behind Apple's estimated 3.5% growth in the same period.
The company said that its effort to sell more premium smartphones was paying off, with the Xiaomi 15 series, its latest flagship smartphone, achieving one million sales faster than the previous generation despite having a higher price.
Xiaomi's heavy R&D spending on its new EV venture continues to weigh on its finances, however.
The tech giant posted an adjusted loss of 1.5 billion yuan ($207 million) in Q3 for its EV business and other new initiatives, down from about $252 million in the previous quarter.
Xiaomi did not respond to a request for comment from Business Insider, sent outside normal Chinese working hours.