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

The standard version of SU7 is priced at 215,900 yuan. Make a purchase before April 30 and receive free in-car smart refrigerators, luxury speakers, and leather seats. Xiaomi Smart Driving Pro is free for life.

SU7 Pro is priced at 245,900 yuan. It comes standard with luxury audio and electric rear spoiler. If you order before April 30, you will receive free refrigerators, leather seats, and 20" wheels and tires worth 16,000 yuan. Xiaomi Smart Driving Max worth 26,000 yuan will be used for free for life.

SU7 Max is priced at 299,900 yuan. If you place a purchase before April 30, you will receive free refrigerators, luxury speakers, leather seats, and electric spoilers worth 22,000 yuan, and free lifelong use of Xiaomi Smart Driving Max worth 26,000 yuan.

Lei Jun said that the first batch of sales outlets will cover 29 cities across the country, and there will be 59 sales stores. It is expected that the sales network will cover 39 cities and the service network will cover 56 cities by the end of this year; Xiaomi SU7 series will start paying deposits at 22:00; Xiaomi SU7 first launch Edition, the price is the same as the standard version and Max version, limited to 5,000 units, with a deposit of 20,000 yuan, and delivery will start on April 3.

Jefferies Financial Group Inc. analyst Johnson Wan 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 field."

Lei Jun said that the product goals of Xiaomi SU7 are to build the best-looking car under 500,000 yuan, the best-driving car under 500,000 yuan, the smartest car under 500,000 yuan, and a high-quality car. car. At a previous Xiaomo technology conference, Lei Jun said that Xiaomi Motors' goal is to build a "Dream Car" that can rival Porsche and Tesla (TSLA.O).

SU7 will be launched in 9 colors. Xiaomi SU7 has 4 options for interior colors and wheel tires.

9 colors of Xiaomi SU7

Lei Jun said that Xiaomi SU7 has a total testing mileage of 5.4 million kilometers and has conducted in-depth testing in 300 cities. Lei Jun said that the SU7 is currently the "fastest car" priced under 500,000 yuan, achieving 0-100 acceleration in 2.78 seconds and a top speed of 265km/h. Lei Jun pointed out that the entire Xiaomi SU7 series has a long battery life, with a standard starting range of 700 kilometers under CLTC conditions. Among them, the Xiaomi SU7 Max version simultaneously achieves 2s-level acceleration from 100km/h and 800km+ ultra-long battery life. This is the only one in the Chinese market. At the same time, he said that battery life is the most expensive configuration, with the battery cost reaching 30% to 35% of the entire vehicle.

In intelligent driving technology testing, the total number of actual vehicle road tests exceeds 10 million kilometers, and the total number of simulation tests is 250 million kilometers. Lei Jun said that Xiaomi has two smart driving solutions, namely Xiaomi Pilot Pro and Xiaomi Pilot Max. Among them, Xiaomi’s smart driving solution Xiaomi Pilot Max City NOA will start user testing in April, officially open in 10 cities in May, and nationwide in August. Xiaomi SU7 will be equipped with intelligent assisted driving as standard for all series, and the high-speed NOA will be delivered as soon as it is launched. At the press conference, Lei Jun reiterated that Xiaomi Motors will enter the first camp of the intelligent driving industry in 2024.

Lei Jun said that intelligence and ecology are Xiaomi’s core advantages. He introduced that Xiaomi SU7 is equipped with rich ecological expansion interfaces. The central control screen can be expanded on the upper, lower, left, and right sides; the center console fragrance, intercom, and speakers can be changed at will; the seat back tablet holder allows Xiaomi tablets/iPads to be easily loaded into the car; there are three 1/4 standard threaded interfaces; and Xiaomi CarIoT can be used to enable in-car installation 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 allows you to choose between the two systems; rear car control supports iPad entry.

Lei Jun announced the energy consumption related information of Xiaomi Automobile SU7. Xiaomi SU7 will be divided into two versions: 400V and 800V:

400V version: Based on the 486V full-range silicon carbide platform, it can recharge 138km in 5 minutes and 350km in 15 minutes.

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

In addition, the 7kw charging power version of Xiaomi's home charging pile is priced at 3,999 yuan, and the 11kw version is priced at 5,999 yuan.

The entire vehicle glass area of ​​Xiaomi SU7 is 5.35㎡, the canopy glass is double-layered silver-plated, the front windshield glass is triple-layered silver-plated, and the side windows are optically coated to isolate ultraviolet and infrared rays. Sun protection test results: 1.5 hours of exposure to 38°C, Xiaomi SU7 temperature bits Pulled Model 3 12°C lower.

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

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

expected output

JPMorgan analysts including Gokul Hariharan wrote in a report: "The electric vehicle business may be a drag on Xiaomi's profitability before achieving mass production, but we expect this to become a positive in the initial phase of early volume shipments." Share price driver." They added that the market expects SU7 shipments to exceed 50,000 units in the first 12 months of launch.

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

Goldman Sachs Group analyst Timothy Zhao 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.

resulting in "too hard"

Foreign media said that although Xiaomi has loyal followers and a smart technology ecosystem, its electric vehicle business model is different and more costly. With the fierce price war intensifying, few local manufacturers except BYD and Li Auto have been able to remain profitable.

The crowded electric vehicle field has become less attractive in recent years as Tesla and BYD have engaged in a price war to attract Chinese consumers while the rest of the industry has suffered from shrinking profit margins and slower growth. Data from the China Passenger Car Association showed that 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 electric vehicles for more than five years but are still posting operating losses.

Apple recently canceled its long-gestating electric car project because it failed to overcome the challenge of applying its technical expertise to a new manufacturing area. At this press conference, Lei Jun said that his biggest feeling in the past three years is that it is too difficult to build cars. Even competitors like Apple have given up. Manufacturers that are still building cars can be called "heroes".

Morningstar equity analyst Dan Baker said Xiaomi may have some advantages over rivals because it "is already a very well-known brand and may be able to leverage existing distribution channels." But "near-term profit forecasts are likely to be negative."

Article forwarded from: Golden Ten Data