Capacity ramp-up at the Xiaomi EV plant has now been completed and the full-year delivery target of 100,000 units is expected to be completed by early November, Xiaomi's CEO said.

Xiaomi EV, the electric vehicle (EV) unit of Xiaomi (HKG: 1810, OTCMKTS: XIACY), has completed its factory capacity ramp-up and is expected to be on track to meet its minimum target of annual deliveries about 2 months ahead of schedule.

The capacity ramp-up at the Xiaomi EV plant has now been completed, and the 100,000-unit delivery target for the year is expected to be accomplished by early November, Xiaomi's founder, chairman, and CEO Lei Jun said in a Weibo post today.

Xiaomi's first model, the SU7, has delivered more than 30,000 units in just over three months since its launch, and July deliveries of the model are expected to top 10,000 units as well, Lei said.

By December, the Xiaomi EV is expected to have 220 sales stores, 135 service stores, and 53 delivery centers in 59 cities in China, according to Lei.

Xiaomi EV currently has 93 sales stores, 57 service stores, and 30 delivery centers in 31 cities in China.

Xiaomi EV said in a letter to order holders on Weibo on July 2 that the delivery ramp-up of the Xiaomi SU7 was progressing well, with the factory having opened double-shift production in June and single-month deliveries having exceeded 10,000 units.

Xiaomi would conduct a new round of production line tuning and maintenance to prepare for further capacity enhancement, the company said at the time.

Deliveries of the Xiaomi SU7 slowed down during the month due to the impact of the factory's production line tuning.

The model's insurance registrations in the second and third weeks of July were 2,300 and 1,500 units, respectively, down 37.84 percent and 34.78 percent from the previous week, according to figures compiled by CnEVPost.

The decline in the Xiaomi SU7's weekly figures sparked widespread discussion on Chinese social media, forcing Xiaomi's general manager of public relations, Wang Hua, to clarify.

Xiaomi had previously publicly announced that a new round of production line maintenance would take place in July in preparation for further capacity increases, Wang said in a Weibo post on July 24, adding that this would not affect the goal of exceeding 10,000 deliveries in July.

"I just looked at the instant delivery data in the backend, and with seven days left in the month, it's not challenging for deliveries to continue to exceed 10,000," Wang said.

Xiaomi EV was on track to deliver at least 100,000 units for the full year of 2024 and would challenge the 120,000-unit delivery target, Xiaomi's management said in a May 23 earnings call.

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