On Feb. 7, leading Chinese automakers recorded another major surge in stock prices. Xiaomi's shares reached an intraday high of HK$43.05, setting a new record and pushing the company's market value above RMB 1 trillion. This milestone places Xiaomi among the top three global automakers by market capitalization.
BYD also saw an intraday peak with a 6.08% increase, reaching a market capitalization of RMB 951 billion, ranking fourth globally. Meanwhile, Li Auto surged by 9.08%. The remarkable sales performance of Chinese automakers has greatly contributed to these stock gains, with Xiaomi's market capitalization increasing by RMB 444 billion in 2024 and BYD's by RMB 245.9 billion. In contrast, traditional German luxury car brands have faced an unusual collective decline, as the intensifying competition in smart vehicle technology poses significant challenges to conventional automakers.
Since the launch of the Xiaomi SU7, production capacity and delivery capability have been key market concerns. According to the Xiaomi Auto App, delivery times for the SU7, SU7 Pro, and SU7 Max are currently estimated at 27-30 weeks, 26-29 weeks, and 22-25 weeks, respectively.
Looking back to June last year, Xiaomi's factory had already implemented a dual-shift production model, achieving a daily output of 600-800 units and a monthly output of 20,000 units. However, this capacity remains insufficient, limiting SU7's current monthly deliveries to around 20,000 units, leading to overwhelming market demand.
Given Lei Jun's goal of delivering 300,000 units by 2025, the current monthly production rate of 20,000 units far from sufficient. Scaling up production as soon as possible is crucial to meeting this target.
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