Latest news with #SU7
Yahoo
6 hours ago
- Automotive
- Yahoo
Xiaomi EV manufacturing expansion secures Beijing land
Xiaomi has secured a 50-year lease for a 485,134m2 plot of land in Beijing, China, with plans to use it for smart connected car and components projects, reported Reuters. The acquisition, valued at 635m yuan ($88m), was announced by the Beijing municipal planning and natural resources commission. This strategic move positions Xiaomi as one of the few automakers in China expanding capacity in a market currently facing overcapacity challenges. The company's new YU7 sports utility vehicle is garnering more interest than the SU7 sedan, with customers facing up to a 51-week wait on Xiaomi's app. Xiaomi also launched the SU7 sedan last year, surpassing Tesla's Model 3 in monthly sales since December. The success of the SU7 is accelerating Xiaomi's entry into the competitive EV market. Xiaomi has increased its EV delivery target for the year to 350,000 vehicles, up from the previous goal of 300,000. The company initially planned to produce 300,000 vehicles annually at its EV factory, which will be constructed in two phases. Orders for the YU7 will be taken starting at the end of June, with the launch previously scheduled for July. In March, Xiaomi entered into a placement and subscription agreement to raise $5.5bn, involving the sale and issuance of 800 million shares. This upsized deal from the initially planned 750 million shares is aimed at accelerating Xiaomi's EV manufacturing initiatives. The shares, priced at 53.25 yuan ($7.34) each, represent about 3.2% of Xiaomi's existing issued share capital and approximately 1.2% of the voting rights as of the announcement date. "Xiaomi EV manufacturing expansion secures Beijing land" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Time of India
15 hours ago
- Automotive
- Time of India
Xiaomi unit wins land tender in Beijing for EV manufacturing
A Xiaomi unit has won a tender to buy a plot of land in Beijing close to its existing car factory for 635 million yuan ($88 million), which it plans to use for a smart connected car and components project, a city regulator said on Thursday. The win for a 50-year lease to the 485,134 square metre-large plot of land was announced by Beijing's municipal planning and natural resources commission. The land plot is close to the second phase of Xiaomi's EV factory. Xiaomi Jingxi Technology, winner of the tender on Thursday, secured the second phase that covers an area of 531,130 square metres for 842 million yuan in July 2024. The project reached its final stage in April. The tender win would make Xiaomi one of the few automakers in China approved to expand capacity while the majority of the sector is grappling with overcapacity. Xiaomi said its new YU7 sports utility vehicle is getting more attention than the SU7 sedan and on its app, buyers have to wait up to 51 weeks to pick their Xiaomi cars as the company ramps up output. Xiaomi, the world's third-largest smartphone maker, launched the SU7 sedan last year and has outsold Tesla 's Model 3 on a monthly basis since December. The SU7's success is seen expediting the company's EV bid despite intense competition in the world's largest auto market. Xiaomi raised its target for EV deliveries this year to 350,000 from 300,000 earlier this year. The company had planned an annual output of 300,000 vehicles in its EV factory to be built in two phases. It will take orders for the YU7 at the end of June, CEO Lei Jun said on Wednesday. The YU7's release was earlier set for July.
Time of India
a day ago
- Automotive
- Time of India
Xiaomi unit wins land tender in Beijing for EV manufacturing
A Xiaomi unit has won a tender to buy a plot of land in Beijing close to its existing car factory for 635 million yuan ($88 million), which it plans to use for a smart connected car and components project, a city regulator said on Thursday. The win for a 50-year lease to the 485,134 square metre-large plot of land was announced by Beijing's municipal planning and natural resources commission. The land plot is close to the second phase of Xiaomi's EV factory. Xiaomi Jingxi Technology, winner of the tender on Thursday, secured the second phase that covers an area of 531,130 square metres for 842 million yuan in July 2024. The project reached its final stage in April. The tender win would make Xiaomi one of the few automakers in China approved to expand capacity while the majority of the sector is grappling with overcapacity. Xiaomi said its new YU7 sports utility vehicle is getting more attention than the SU7 sedan and on its app, buyers have to wait up to 51 weeks to pick their Xiaomi cars as the company ramps up output. Xiaomi, the world's third-largest smartphone maker, launched the SU7 sedan last year and has outsold Tesla 's Model 3 on a monthly basis since December. The SU7's success is seen expediting the company's EV bid despite intense competition in the world's largest auto market. Xiaomi raised its target for EV deliveries this year to 350,000 from 300,000 earlier this year. The company had planned an annual output of 300,000 vehicles in its EV factory to be built in two phases. It will take orders for the YU7 at the end of June, CEO Lei Jun said on Wednesday. The YU7's release was earlier set for July. ($1 = 7.1869 Chinese yuan renminbi)
The Star
4 days ago
- Automotive
- The Star
Economic Watch: Xiaomi powers EV growth through smart manufacturing
BEIJING, June 16 (Xinhua) -- Inside a workshop at Chinese tech giant Xiaomi's electric vehicle (EV) factory, the scene is a stark contrast to what one might expect to see on a factory floor. With few workers in sight, robotic arms move with precision and speed, seamlessly assembling vehicle body components. Autonomous Mobile Robots (AMRs) glide across the floor, efficiently transporting materials to their designated stations. Xiaomi entered the EV market in 2021, setting up a state-of-the-art factory spanning some 720,000 square meters in the Beijing Economic-Technological Development Area, also known as Beijing E-Town -- a key innovation hub for China's autonomous driving industry. The market newcomer unveiled its SU7 model in March 2024. Every 76 seconds, a new Xiaomi vehicle rolls off the production line at the factory, with over 700 robots operating around the clock to enable the full automation of key processes such as large-scale die casting. The factory embodies Xiaomi's vision for smart manufacturing, in which intelligent machines take the lead and automation fuels both quality and efficiency. To Lei Jun, founder and chairman of Xiaomi, the importance of sustained investment in innovation is self-evident. "Upholding our unwavering principle of 'technology as the foundation,' Xiaomi has invested over 100 billion yuan (about 13.93 billion U.S. dollars) in R&D over the past five years, making significant strides in many core capabilities. In the next five years, we plan to invest another 200 billion yuan to pursue new heights in global next-generation hard tech," Lei said. "Over the past five years, we have steadfastly pursued our high-end strategy," Lei noted, adding that amid intense competition in the auto market, Xiaomi remains committed to long-term thinking -- strengthening its core competitiveness, meeting diverse consumer demands, and advancing up the value chain in close collaboration with industry partners in an expansive, fast-evolving market. Since March 2024, Xiaomi has delivered over 250,000 vehicles, quickly emerging as a key player in China's rapidly growing new energy vehicle market by leveraging advanced smart manufacturing and a favorable policy environment to fuel its rapid ascent. "Xiaomi owes its growth and success to the fertile ground for innovation that Beijing provides," Lei said. "Supportive 'soft' environments and robust 'hard' policies have nurtured a group of innovative companies like Xiaomi, enabling them to forge ahead on new development tracks." Data shows that Beijing's R&D intensity -- measured as the ratio of total R&D spending to GDP -- has remained above 6 percent for six consecutive years, reflecting the city's strong commitment to innovation. This dedication is also recognized globally: according to a report released earlier this year, Beijing ranks among the world's top 10 innovation cities. The report, published in January, was compiled by the Shenzhen International Science and Technology Information Center, the Center for Industrial Development and Environmental Governance of Tsinghua University, and research publishing and information analytics company Elsevier. "Manufacturing is the foundation of our nation and the cornerstone of a strong country. As both a contributor to and a beneficiary of China's manufacturing development, we aim not only to bring the benefits of technology to consumers, but also to continue advancing on the path of innovation," Lei noted.
Yahoo
12-06-2025
- Automotive
- Yahoo
Porsche Drops Truth Bomb on U.S. Production Plans Amid Tariff Negotiations
Porsche Drops Truth Bomb on U.S. Production Plans Amid Tariff Negotiations originally appeared on Autoblog. Porsche has dismissed a Bloomberg report stating that the automaker is considering moving some of its final assembly to the U.S. to ease tariff impacts. The initial report referenced Porsche possibly installing interior components or fitting tires in the U.S., where it currently has no production presence. Instead, Porsche restated its stance from April that U.S. production localization doesn't make financial sense due to its relatively low sales volume. In April, Porsche CFO Jochen Breckner added that U.S. localization wouldn't occur even if the automaker partnered with another brand from its parent company, Volkswagen Group. Still, Volkswagen Group is seriously considering expanding its U.S. manufacturing footprint with another one of its subsidiaries, Audi. An Audi spokesperson reportedly told Automotive News 'We want to increase our presence in the U.S.,' while adding that the company is confident it'll finalize specific details with Volkswagen Group by the year's end. Volkswagen currently operates one U.S. plant in Chattanooga, Tennessee, and its competitors, BMW and Mercedes-Benz, have factories in Spartanburg, South Carolina, and Tuscaloosa, Alabama, respectively. Porsche's problems in 2025 aren't limited to U.S. tariffs. During Q1, the brand's sales fell 42% in China. Four years ago, Porsche achieved its highest annual sales in China, at 95,671. Chinese consumers are gravitating away from Porsche and turning to newer companies like Xiaomi and BYD's high-end Yangwang brand. Xiaomi's first model, the electric SU7 sport sedan, thrived in China with its Porsche-inspired styling available at a lower price. The $72,591 Xiaomi SU7 Ultra variant with 1,548 horsepower received about 10,000 pre-orders in two hours, slightly exceeding Porsche's Q1 China sales this year. Porsche CEO Oliver Blume said, 'We don't care about the volume,' and that the company was more concerned with keeping its prices at a high level, 'appropriate for Porsche,' Reuters reports. However, Blume also told Porsche investors at the company's annual conference on May 21: 'Our market in China has literally collapsed,' according to The New York Times. Last month, Porsche delayed its all-electric versions of the 718 Boxster and Cayman for the second time, citing difficulty sourcing the models' high-performance battery cells. In April, Porsche said drivers could expect the two electric vehicles (EVs) in 2026, but its most recent delay pushes the release to at least 2027. Porsche has scaled back its financial outlook for 2025 by about 2 billion euros ($2.28 billion), with an expected profit margin range decline of between 6.5% and 8.5% from 10% to 12%. Oliver Blume's desire to maintain Porsche's prices and keep the company's production out of the U.S. makes it likely that the automaker will raise its lineup's costs. Blume, who is also Volkswagen Group's CEO, confirmed he spoke directly to the U.S. commerce secretary, Howard Lutnick, in Washington, D.C., but agreed with Lutnick to keep the conversation's details confidential. However, Porsche is far from the only company that could increase prices because of tariffs, and some of Volkswagen Group's other subsidiaries, such as Audi, can ease tariff impacts with increased U.S. manufacturing. Porsche's approach is more likely to hurt the company in its second-largest market, China, as the country's electric vehicle price war heats up. Porsche Drops Truth Bomb on U.S. Production Plans Amid Tariff Negotiations first appeared on Autoblog on Jun 11, 2025 This story was originally reported by Autoblog on Jun 11, 2025, where it first appeared.
