Xiaomi SU7 Gains Global Attention, Spurring Gray Market Exports
Recently, the Xiaomi SU7 has been spotted on the streets of Paris, France, as part of Xiaomi’s special exhibition titled “People, Cars, and Homes Full Ecology.” The exhibition, coinciding with the Paris Olympics, has attracted global attention and sparked speculation about Xiaomi's entry into the European market. In response to these speculations, Xiaomi's CEO, Lei Jun, stated in a live broadcast that the company aims to sell cars in Europe before 2030.
However, despite Xiaomi's plans for official exports, gray market channels have already capitalized on the growing demand for the Xiaomi SU7. Dealers in various countries are reportedly making significant profits by exporting the car as second-hand vehicles.
During the live broadcast, Lei Jun mentioned that Xiaomi is aiming to become one of the top five car manufacturers globally and will expand internationally when the time is right. In the first quarter of 2024, overseas revenue accounted for over 50% of the total, with smartphones contributing more than 70% to this figure.
The Xiaomi SU7 has garnered considerable attention globally, particularly at the Pompidou Museum Block in Paris, where it has been on display. The car made its international debut earlier this year at Mobile World Congress (MWC) 2024 in Barcelona, Spain.
Although Xiaomi has not officially started exporting the Xiaomi SU7, gray market dealers have seized the opportunity to profit. Reports indicate that second-hand Xiaomi SU7s can fetch prices higher than their original cost. Dealers buy the cars and then export them as used vehicles, with profits ranging from 10,000 to 60,000 yuan (approximately 1,400to1,400to8,250) per car.
Russia represents approximately 50% of the export market for the Xiaomi SU7, while the Middle East accounts for around 30%.
To meet the growing demand, Xiaomi has optimized its production processes, reducing waiting times to a maximum of 5 weeks after orders are placed. In June, Xiaomi delivered over 10,000 cars for the first time and is on track to reach its annual delivery target of 100,000 cars by November.