Xiaomi's second EV model is scheduled to hit the market in February or March next year, internally codenamed MX11, and will compete directly with the Tesla Model Y, according to local media.

The launch of Xiaomi's (HKG: 1810, OTCMKTS: XIACY) second electric vehicle (EV) model is on the agenda, as it had reached its target of delivering 100,000 vehicles this year ahead of schedule.

The second model of Xiaomi EV, the car-making arm of the Chinese smartphone giant, is scheduled to hit the market in February or March next year, local media Caijing said in a report last night, citing a Xiaomi insider.

This coincides with Xiaomi founder and chairman Lei Jun's previous revelation that the production version of the Xiaomi SU7 Ultra will be officially launched in March 2025, the report said.

Xiaomi officially launched its first model, the SU7, on March 28 and announced on November 18 that the electric sedan had reached its benchmark target of delivering 100,000 units this year.

Xiaomi also announced a new 2024 target of 130,000 units on November 18, up from the previously mentioned challenge target of 120,000 units.

On October 29, Xiaomi began pre-sales of the production version of the more powerful SU7 Ultra at a price of RMB 814,900 ($112,590), nearly four times the regular SU7's RMB 215,900 starting price. The official launch of the SU7 Ultra would be in March 2025, the company said at the time.

Another source close to Xiaomi EV said that the launch schedule of Xiaomi's second new model will be in line with the SU7's previous launch cadence, which happened to be March 28, 2024, according to Caijing.

What is certain is that the second vehicle from Xiaomi EV is an all-electric SUV (sport utility vehicle), which is internally codenamed MX11, the report said.

The vehicle will share the platform and some components with the Xiaomi SU7, but has a unique design with smooth side lines, the report noted.

The car will be positioned as a direct competitor to the Tesla (NASDAQ: TSLA) Model Y, the report said, citing industry speculation.

If Xiaomi's pricing strategy for the Xiaomi SU7 is followed, the new Xiaomi SUV will be priced below the Tesla Model Y's RMB 249,900 to RMB 354,900 price tag, the report noted.

Xiaomi is currently pressing ahead with the construction of the second phase of its EV factory, which has kicked off double-shift construction work and is scheduled to be completed by June 2025, Caijing said.

That second phase of the plant will go into operation as early as July and as late as August 2025, when Xiaomi's EV production capacity will reach 300,000 units per year, the report noted.

Earlier today, Lei said on Weibo that he arrived at the Xiaomi EV factory before 7 am Beijing time, but didn't disclose what he would be doing here.

($1 = RMB 7.2375)

Xiaomi reports $1.3 billion in revenue from EV business in Q3 with 39,790 deliveries