Xiaomi Corp. aims to deliver 120,000 of its SU7 electric-vehicles this year, hiking its target for a car it hopes can someday compete with Tesla Inc. and fuel its broader ambitions.
President Lu Weibing disclosed that latest goal after Xiaomi reported its fastest pace of quarterly revenue growth in more than two years, reflecting an improving smartphone market. Revenue rose a faster-than-expected 27% to 75.51 billion yuan ($10.4 billion) in the March quarter, about 2.7% above the average estimate.
Xiaomi’s raised target suggests billionaire co-founder Lei Jun is confident of making headway in his $10 billion foray into the crowded electric car market. His company unveiled the SU7 in late March, and later said he expected to deliver more than 100,000 of the vehicles.
As of the end of April, orders for the SU7 series neared 90,000. On Thursday, Lu told reporters on a call his company was on track to ship 10,000 SU7s in June — about as much as Xiaomi moved during the first 43 days of sales — meaning it could shoot for a loftier annual goal of 120,000 units.
