Recently pictures have emerged of the Xiaomi SU7 on the streets of Paris, France. It is there as part of Xiaomi’s special exhibition entitled “People, Cars and Homes Full Ecology” and, thanks to the Paris Olympics, is attracting attention from visitors from across the world. The appearance of the Xiaomi SU 7 (see specs) in Paris has led to a lot of speculation that Xiaomi was about to enter the European market. Lei Jun, Xiaomi’s CEO, responded in a live broadcast, saying that Xiaomi would strive to sell cars in Europe before 2030. However, while Xiaomi might not officially be selling the SU7 overseas, that has not stopped gray channels in various countries across the world where dealers can make large profits due to the interest in the Xiaomi car.
Lei Jun said in his broadcast that regarding the car business, “We’re aiming for the top five in the world, so we’re going global when the time is right.” In the first quarter of 2024, overseas revenue accounted for more than 50% of the total, of which smartphone sales were more than 70%.
In a sign that Xiaomi SU7 mania is a global phenomenon, the car has been attracting a large amount of attention in the display at the Pompidou Museum Block in Paris. The car made it overseas debut earlier this year at MWC 2024, a mobile systems industry event, held in Barcelona. Spain.
While Xiaomi might not officially export the Xiaomi SU7, that has not stopped parallel export companies from spotting a good business opportunity and making big profits.
A week ago, we reported that second-hand the Xiaomi SU7 could fetch more than the price paid new. With parallel exports, dealers are buying the car and then exporting it as a second-hand car. Profits are reported to range between 10,000 and even as much as 60,000 yuan (1400 – 8250 USD) per car.
Russia accounts for about 50% of the export market, while the Middle East accounts for another 30%.
Through various optimizations of the factory Xiaomi has managed to increase production and thereby shorten waiting times which are now said to be a maximum of 5 weeks after locking in the order. During June Xiaomi delivered over 10,000 cars for the first time. Furthermore, the annual delivery target of 100,000 cars is expected to be reached in November.
Sources: Autohome, Fast Technology
