Xiaomi Electric Car Priced at 18 Million Won? ... Rumors Spread Amid Surging Interest

Chinese electronics manufacturer Xiaomi is facing rumors about the price of its first electric vehicle to be released this year. The company has denied all details and asked the public to wait for an official announcement, but market interest remains high.

On the 3rd, Wang Hua, Xiaomi's PR executive, posted on his social media a photo of the electric vehicle SU7 revealing its main specifications and exterior, along with images showing prices of 99,000 yuan (approximately 18.1 million KRW), 369,000 yuan, and 599,000 yuan. These related photos have recently circulated mainly online and at first glance appear to be promotional materials produced by the company.

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Wang stated, "The fonts are different, and there is no company logo. It looks fake at first glance," adding, "I know everyone is concerned about the vehicle price, but please wait as we will provide timely updates."

On the same day, Xiaomi's Chairman Lei Jun also attracted attention by stating on his social media, "There is no competitor within 500,000 yuan." The market interpreted this comment as suggesting "the final price will be between 200,000 and 500,000 yuan." Some speculated on the sales volume by price range for the SU7. If the SU7, compared to the performance of the Xiaopeng P7, is priced between 200,000 and 300,000 yuan, annual sales could reach 60,000 units; if priced above 300,000 yuan, sales might be around 3,000 units.

[Image source=Reuters Yonhap News]

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It was also considered that if the price falls below 200,000 yuan, sales of 100,000 units might be possible, but considering Chairman Lei’s past remarks, this is unlikely. At a technology conference on the 28th of last month where the SU7 was first unveiled, he said regarding the new car’s price, "It will not be as low as 99,000 yuan or 149,000 yuan," and added, "Actually, it is a bit expensive but will be reasonably priced."

China’s Zhongxin Securities recently released a report forecasting that the SU7 will be officially launched in March this year and delivered within the second quarter. They estimated annual sales at around 60,000 to 80,000 units and predicted that "Xiaomi automobiles will change the industry landscape." However, they cited risks such as fierce market competition due to the entry of traditional automakers and new companies, and a trend toward price reductions. They also mentioned potential difficulties in securing core technologies and personnel, shortages in vehicle semiconductors, and uncertainties regarding subsequent new model releases.

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