The new energy vehicle sector continued its robust growth in 2024, displaying a dynamic development trajectory. According to the latest figures released by the China Association of Automobile Manufacturers, China's new energy vehicle production and sales reached 12.888 million and 12.866 million units, respectively, marking year-on-year increases of 34.4% and 35.5%.

Within this bustling sector, automakers' fortunes vary widely. Some have fallen by the wayside, while others have surged ahead. Xiaomi Motors, an emerging star, has emerged as a dark horse in the new energy vehicle field, drawing attention from all corners.

As 2024 drew to a close, Xiaomi Motors emerged as a clear winner.

A few years ago, a wave of automaking enthusiasm swept across the industry. Not only startups but also technology firms, internet companies, and appliance manufacturers saw the potential in new energy vehicles. Among them was Xiaomi, which announced its foray into automaking in 2021. Since then, discussions about Xiaomi have been rampant on the internet, with both supporters and skeptics voicing their opinions. It wasn't until 2024 that Xiaomi Motors' first model, the Xiaomi SU7, made its official debut. Based on various metrics, Xiaomi Motors undoubtedly became the standout performer in the new energy vehicle market in 2024.

Xiaomi Motors successfully met its annual sales target, one of the few automakers to do so. Setting annual sales targets is a common practice among new energy vehicle companies, and Xiaomi Motors was no exception, aiming for 100,000 sales. However, due to exceeding expectations, Xiaomi Motors revised its 2024 sales target several times, ultimately raising it to 130,000 units. As domestic new energy vehicle companies announced their full-year results, Xiaomi Motors stood out as one of the few to achieve its target. Data revealed that Xiaomi Motors delivered over 135,000 units in 2024, surpassing its full-year target of 130,000 units. As a newcomer, Xiaomi Motors' accomplishments underscore its capabilities.

Furthermore, Xiaomi Group's performance reached new heights, fueled by its new energy vehicle business. The Xiaomi Motors' sales surge expanded the revenue scale of Xiaomi's auto business. Financial reports indicate that in the third quarter of 2024, Xiaomi's innovative business segments, including smart electric vehicles, generated total revenue of RMB 9.7 billion, with smart electric vehicle revenue accounting for RMB 9.5 billion. This proportion increased from 7.2% in the second quarter to 10.5% in the third quarter. Xiaomi's auto business performance also contributed to the company's "strongest ever" quarterly results. In the third quarter of 2024, Xiaomi's total revenue was RMB 92.5 billion, marking a year-on-year increase of 30.5%.

Achieving 135,000 unit sales in just nine months, what is Xiaomi Motors' secret?

From April to December 2024, Xiaomi Motors sold 135,000 units in just nine months. The 100,000th Xiaomi SU7 rolled off the production line in just 230 days. As a newcomer, Xiaomi Motors' performance is impressive. In comparison, NIO took 1,046 days, XPeng took 1,034 days, Li Auto took 708 days, and even AITO took 15 months to reach the 100,000-unit milestone. So, what sets Xiaomi Motors apart in this fiercely competitive market?

First, the Xiaomi SU7's product competitiveness and attractive pricing significantly captured consumers' attention. In today's fiercely competitive new energy vehicle industry, consumers demand more from their vehicles. Xiaomi's first model, the SU7, excels in endurance and intelligent configuration, meeting diverse consumer needs.

For instance, in terms of endurance, the CLTC endurance mileage of the Xiaomi SU7 Rear-wheel Drive Long Endurance Smart Driving Standard Edition, Rear-wheel Drive Ultra-long Endurance High-end Smart Driving Pro Edition, and Four-wheel Drive Ultra-long Endurance High-end Smart Driving Max Edition reaches 700 kilometers, 830 kilometers, and 800 kilometers, respectively. In terms of intelligent driving, all three SU7 models are equipped with L2-level assisted driving systems, featuring full-speed adaptive cruise control, lane-keeping assistance, automatic parking, and other functions. Moreover, the SU7's pricing adheres to Xiaomi's cost-effective strategy, enhancing its competitiveness and winning over consumers.

Second, Xiaomi's inherent brand appeal also boosted SU7 sales. Consumers often prefer products with strong brand recognition, especially when it comes to technology products like new energy vehicles. As a well-known consumer electronics brand, Xiaomi has established a vast user base and brand awareness through years of involvement in smartphones and smart homes. Xiaomi Motors, launched under the Xiaomi banner, benefits from this brand recognition and the support of its founder, Lei Jun, making it more acceptable to consumers and driving SU7 sales growth.

Third, Xiaomi Motors' relentless efforts to expand its terminal stores have increased consumer opportunities to learn about and experience its products. Offline stores are crucial for auto brands to showcase products, attract potential customers, and drive sales growth. As a latecomer in the new energy vehicle field, Xiaomi Motors has accelerated its offline store expansion, allowing consumers to fully experience its products. According to official data, Xiaomi Motors added 50 stores in December 2024, bringing the total to 200 stores across 58 cities nationwide.

Despite the good news, Xiaomi also faces challenges.

As one of the few automakers to achieve its annual sales target, Xiaomi Motors had a successful 2024. However, as sales continue to rise, so does the pressure. Xiaomi Motors faces significant production capacity challenges. As of December 11, 2024, the Xiaomi SU7's cumulative order volume exceeded 250,000 units, making it one of the most popular models in the new energy vehicle market. Despite Xiaomi Motors' rapid delivery speed, a considerable backlog of orders remains, posing a huge challenge to production capacity. Additionally, the official image of Xiaomi Motors' second model has been released, with an expected launch in June or July this year, potentially increasing production capacity pressure further.

Moreover, competition in the new energy vehicle market intensifies, with Xiaomi Motors facing external challenges. The market is now highly competitive, with formidable players like BYD, XPeng, Li Auto, NIO, and AITO, each with their strengths and popular models. With continuous efforts from various new energy vehicle companies, Xiaomi Motors will inevitably face stiffer competition.

Currently, as the biggest dark horse, Xiaomi Motors' emergence has introduced new variables into the new energy vehicle market. As a new year dawns, a fresh round of "battles" will unfold in this field. Xiaomi Motors, having won the first battle, must remain vigilant and continue to innovate to maintain its momentum.