In October, Xiaomi, a Chinese company, delivered 20,000 electric vehicles, following the launch of its first car a few months prior.

• Xiaomi, a Chinese company, announced on Tuesday that it had delivered over 20,000 SU7 EVs in October, increasing production for its electric car venture in a competitive market.
• Xiaomi announced on Tuesday that it would begin taking preorders for the SU7 Ultra, a high-end sports version, starting at 814,900 yuan ($114,304) before its March 2025 release.
• Citi analysts have revised their forecast for Xiaomi car deliveries to 250,000 vehicles next year, an increase from the previously predicted 238,000.

China's electric car venture is ramping up production with the delivery of more than 20,000 SU7 EVs in October.

Xiaomi, a Chinese company renowned for its smartphones and home appliances, announced plans to deliver 100,000 SU7 vehicles by the end of November. The company first unveiled plans to manufacture cars in 2021 and established a dedicated manufacturing plant the same year.

Xiaomi's SU7, its first car, was released in late March for $4,000 less than Tesla's cheapest car, Model 3, in China at the time. Since then, Tesla has cut the car's price by about $2,000. As of October, Xiaomi has delivered more than 75,000 SU7 cars.

While it took Tesla 12 years to produce 100,000 electric cars, Chinese rivals managed to achieve this feat in about six years.

In September, Xpeng surpassed its monthly sales record with over 20,000 cars delivered, with half of the sales coming from its new, affordable brand Mona. On the other hand, Nio has been unable to maintain monthly deliveries above 20,000 cars.

Geely's electric car brand has claimed to produce over 100,000 vehicles in just 1.5 years, with a record 21,333 cars delivered in September.

The delivery data for other Chinese electric car companies in October is anticipated to be released on Friday.

Stansberry Research analyst Brian Tycangco stated that the news of 20k deliveries in October confirms Xiaomi's position as a force to be reckoned with in the world's largest EV market.

Xiaomi's electric car gross profit margins in August were comparable to Xpeng's that month, and are likely to have improved since production has increased.

On Tuesday, Xiaomi announced that it was accepting preorders for the SU7 Ultra, a high-end sports version, starting at 814,900 yuan ($114,304), before its official release in March 2025. The company stated that within 10 minutes, it received over 3,600 preorders, each requiring a 10,000 yuan deposit.

The new model and its impressive performance on the Nurburgring race track in Germany are expected to boost Xiaomi's sales of its premium SU7 Max car, which costs only 299,900 yuan, according to Citi analysts. They now predict that Xiaomi will sell 250,000 cars next year, up from their previous forecast of 238,000 units.

This week, Xiaomi announced that its SU7 Ultra prototype had set a new record as the fastest four-door sedan to complete the German race track.

Citi analysts have raised their price target on Xiaomi to 30.60 Hong Kong dollars ($3.94) and increased their forecasts for the company's smartphone shipments after the launch of the Mi 15 device, which is the first phone to use the newest chipset.

In September, Autohome data revealed that Tesla's Model Y was the top-selling battery-powered electric car in China, with 48,202 vehicles sold, while the Model 3 ranked 8th with nearly 24,000 cars sold.

The data showed that Xiaomi's SU7 ranked 17th last month with 13,559 cars sold, while BYD's lower-priced models accounted for most of the other top 10 bestsellers in the battery-only category.

Xiaomi has yet to launch its cars outside of China, with the company stating it would take at least two to three years for an overseas launch.

— CNBC's Sonia Heng contributed to this report.