XIAOMI(HK:01810) Guan Cha Zhe Wang·2025-07-01 07:57Core Insights - Xiaomi's second car model, the Xiaomi YU7, was officially launched on June 26, achieving over 240,000 pre-orders within 18 hours of its release, with 30,000 orders in the first hour alone [1][4][3] - The rapid increase in orders poses a significant challenge to Xiaomi's production capacity, which is currently at full capacity with an annual output of 150,000 vehicles from its first-phase factory [4][1] Production Capacity - The first phase of Xiaomi's factory in Beijing Yizhuang has been operational, with a production capacity of 150,000 vehicles per year, currently running at full capacity [4] - The second phase of the factory, also with a capacity of 150,000 vehicles per year, is set to begin production soon, but full capacity utilization will take time [4] - Estimated delivery times for the Xiaomi YU7 are approximately 53-56 weeks for the standard version, 48-51 weeks for the Pro version, and 33-36 weeks for the Max version, indicating a long wait for customers [4] Market Competition - Other car manufacturers are actively targeting Xiaomi YU7 customers, offering to reimburse the 5,000 yuan deposit for customers who switch to their brands [7][10] - Brands such as NIO, Zeekr, and Avita are providing various incentives to attract potential Xiaomi YU7 buyers, including deposit reimbursements and promotional offers [7][10] - Xiaomi YU7 competes with models like NIO ES6, Zeekr 7X, and Avita 07, making its customer base a target for competing sales teams [7][10] Future Expansion - Xiaomi has acquired industrial land in Beijing Yizhuang for 635 million yuan to build a third factory, which is expected to be operational by 2026 with an annual capacity exceeding 100,000 vehicles [15] - The long-term vision for Xiaomi's automotive division includes becoming one of the top five players in the industry, aiming for annual sales exceeding 10 million vehicles [15]