Xiaomi CEO Lei Jun has recently shared some interesting tidbits with the media, offering a more precise timeline for the tech giant’s automotive arm’s launch of its tri-motor SU7 Ultra. Additionally, the billionaire CEO spoke about Xiaomi Automobile’s willingness to lose money upfront to expand its portfolio to markets in Europe and become a top-five automaker in the world.
Becoming a top five automaker in the world is a lofty goal for an automaker that is a mere three years old, but Xiaomi Automobile has the backing of an electronics manufacturing powerhouse in Xiaomi Inc. as well as the support of its CEO Lei Jun, who has already pledged to invest $10 billion in the BEV development venture.
Xiaomi is trying to do something Apple teased but could never really get moving on – transitioning from a smartphone behemoth to a bonafide competitor in the EV market. Xiaomi Automobile’s track record is short but quite promising so far.
The Chinese automotive arm developed its flagship model, the SU7 sedan, faster than expected. The SU7 launched in late 2023 and locked in over 50,000 orders during the first 27 minutes it was on sale. The company has since had to bolster its assembly lines and production targets to keep up with demand, all while developing additional BEV models as an encore.
In July, Xiaomi announced a new 1,548hp Ultra trim of the SU7, coming in the first half of 2025. Xiaomi Automobile also already has a second bespoke model in development that will compete against the Tesla Model Y, possibly in markets around Europe and beyond.
Xiaomi CEO hints at expansion plans to Europe and beyond
As pointed out by CnEVPost, Xiaomi CEO Lei Jun shared some company updates via livestream earlier today, including a clearer timeline of when customers will see the arrival of the production version of the aforementioned SU7 Ultra. Per the video, the 1,548 horsepower four-door sedan will launch in China in Q1 of 2025.
Because the BEV is so powerful, Jun said each build will leave Xiaomi’s production facility in “beginner mode. ” Drivers must complete and pass a step-by-step exam to unlock the vehicle’s full performance, to “unleash it.”
While Xiaomi initially focuses on its two variants of the SU7 in China, expansions to Europe might soon be in the cards. The automaker had the SU7 on display in Paris during the 2024 Olympic Games, where Lei Jun said it would be available globally, without sharing a specific time frame on when that might happen.
Xiaomi also recently took the SU7 Ultra to the world-famous Nürburgring track, reaching a top speed of over 350 km/h (217.5 mph). Although it only has one EV on the market, Xiaomi’s CEO has big goals for the automotive arm, previously stating a target to become one of the world’s top five automakers in 15 to 20 years. It’s possible, but it will cost a lot of money to get there, something Xiaomi executives are aware of and don’t seem phased by.
In a conversation with Bloomberg TV, Xiaomi CFO Alain Lam confirmed plans for global expansion, including Europe, but was realistic about the pending costs to get there:
We are more focused on our growth than profitability at this point. We do believe scale will bring profit in the future. Right now at this point I only have one SKU, it’s far away from what we call profitability. We need to continue to invest in this business.
Per Xiaomi’s Q2 2024 financial report, its automotive arm recorded an adjusted net loss of RMB 1.8 billion ($252 million) and delivered 27,307 SU7 BEVs in China. Those delivery numbers should grow in the second half of the year as Xiaomi has completed its assembly line expansion and has twice increased its production targets for the year, which now sits at 120,000 units.
Before Xiaomi becomes a top automaker in Europe and beyond, its immediate focus will remain on China, as it should. Lam again spoke:
We do have the global expansion in mind, although right now we are trying to fulfill all the demand from customers in China.
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National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.
The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.
Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.
“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”
Electrekreported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.
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Tesla has announced that it will finally deliver 500 kW charging as it is about to install its long-awaited V4 Supercharger cabinets.
The rollout of Supercharger V4 has been a strange one, to say the least.
Tesla has been deploying the new charging stations for two years and calling them “Supercharger V4”, but it has only been deploying the charging stalls.
Supercharger stations are made of two main parts: the stalls, which are where the charging cable is located, and the cabinets, which are generally located further back and include all the power electronics.
For all these new “Supercharger V4”, Tesla was actually using Supercharger V3 cabinets. This has been limiting the power output of the charging stations to 250 kW – although
Today, Tesla officially announced its “V4 Cabinet”, which the automaker claims will enable of “delivering up to 500kW for cars and 1.2MW for Semi.”
Here are the main features of the V4 Cabinet as per Tesla:
Faster charging: Supports 400V-1000V vehicle architectures, including 30% faster charging for Cybertruck. S3XY vehicles enjoy 250kW charge rates they already experience on V3 Cabinet — charging up to 200 miles in 15 minutes.
Faster deployments: V4 Cabinet powers 8 posts, 2X the stalls per cabinet. Lower footprint and complexity = more sites coming online faster.
Next-generation hardware: Cutting-edge power electronics designed to be the most reliable on the planet, with 3X power density enabling higher throughput with lower costs.
Tesla reports that its first sites with the new V4 Cabinets are going into permitting now. The company expects its first sites to open next year.
We recently reported about Tesla’s new Oasis Supercharger project, which includes larger solar arrays and battery packs to operate the charging station mostly off-grid.
Early in the deployment of the Supercharger network, Tesla promised to add solar arrays and batteries to all Supercharger stations, and Musk even said that most stations would be able to operate off-grid.
While Tesla did add solar and batteries to a few stations, the vast majority of them don’t have their own power system or have only minimal solar canopies.
Back in 2016, I asked Musk about this, and he said that it would now happen as Tesla had the “pieces now in place” with Supercharger V3, Powerpack V2, and SolarCity:
It took about 8 years, but it sounds like the pieces are now getting actually in place with Supercharger V4, Megapacks, and this new Oasis project.
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Hyundai has a new secret weapon it’s about ready to unleash. To revamp the brand in China and counter BYD’s surge, Hyundai is launching a new AI-powered EV next year. The new model will be Hyundai’s first dedicated electric car for the world’s largest EV market.
With the help of Haomo, a Chinese autonomous startup, Hyundai will launch its first EV equipped with generative AI. It will also be its first model designed specifically for China.
A Hyundai Motor official said (via The Korea Herald) the company is “working to load the software” onto the new EV model, “which will be released in the Chinese market next year.” The spokesperson added, “The level of autonomous driving is somewhere between 2 and 2.5.”
In comparison, Tesla’s Autopilot is considered a level 2 advanced driver assistance system (ADAS) on the SAE scale (0 to 5), meaning it offers limited hands-free features.
With Autopilot, you still have to keep your eyes on the road and hands on the steering wheel, or the system will notify you and eventually disengage.
Haomo’s system, DriveGPT, unveiled last spring, takes inspiration from the OpenAI’s popular ChatGPT.
The system can continuously update in real-time to optimize decision-making by absorbing traffic data patterns. According to Haomo, DriveGPT is used in around 20 models as it looks to play a bigger role in China.
Hyundai hopes new AI-powered EV boosts sales in China
Electric vehicle sales continue surging in China. According to Rho Motion, China set another EV sales record last month with 1.2 million units sold, up 50% from October 2023.
Over 8.4 million EVs were sold in China in the first ten months of 2024, a notable 38% increase from last year.
BYD continues to dominate its home market. According to Autovista24, BYD accounted for 32.9% of all PHEV and EV (NEV) sales in China through September, with over half of the top 20 best-selling EV models.
Tesla was second with a 6.5% share of the market, but keep in mind these numbers only include plug-in models (PHEV).
Like most foreign automakers, Hyundai is struggling to keep up with the influx of low-cost electric models in China. Beijing Hyundai’s sales have been slipping since 2017. Through September, Korean automaker’s share of the Chinese market fell to just 1.2%.
According to local reports, Hyundai is partnering with other local tech companies like Thundersoft, a smart cockpit provider, and others in China to power up its next-gen EVs
With its first AI-powered EV launching next year, Hyundai hopes to turn things around in the region quickly. The new model will be one of five to launch in China through 2026.
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