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Investing.com -- Xiaomi (OTC:XIACF), the Chinese tech giant, has announced that orders for its SU7 Ultra model have far exceeded initial expectations.
The company reported that locked-in orders for the SU7 Ultra surpassed 10,000 units on March 2 and reached 19,000 in just three days. The first batch of these orders began to be delivered on March 2.
According to Xiaomi’s CEO, Mr. Jun Lei, the company is now discussing increasing production capacity for the SU7 Ultra due to the high demand.
In addition to this, Xiaomi reported that the delivery of the SU7 model exceeded 20,000 units in February, marking the fifth consecutive month of achieving this delivery volume. The total delivery of the SU7 model has now surpassed 180,000 units.
Looking towards the future, Xiaomi also revealed plans to start selling its electric vehicles (EVs) globally within the next few years. This move aligns with previous expectations and suggests that the company’s export plan remains unchanged.
Near-term catalysts for the company include the fourth quarter results and first quarter guidance, as well as the launch of AI smart glasses.
Citi, the multinational investment bank, expressed confidence in Xiaomi’s future performance. Citi stated, "We remain confident on Xiaomi exceeding its 2025 delivery target of 300,000 (CitiE’ 400,000) on back of production ramp-up."
As of the end of February 2025, Xiaomi had 220 stores covering 65 cities. The company plans to add 16 more stores and expand into two new cities, Harbin and Xingtai, in March 2025.
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