XIAOMI(HK:01810) 3 6 Ke·2025-09-19 08:13Core Points - Xiaomi Automotive Technology Co., Ltd. has initiated a recall of 116,887 units of the SU7 standard version electric vehicles due to safety concerns related to the L2 highway navigation assistance feature [1][3] - The recall affects specific models produced between February 6, 2024, and August 30, 2025, with a total of 98,462 units of the XMA7000MBEVR2 and XMA7000MBEVR2 models, and 18,425 units of the BJ7000MBEVR2 model [1] - The company plans to address the safety issues through over-the-air (OTA) software updates and will notify affected vehicle owners via SMS and mobile apps [3] Market Impact - The initial success of the Xiaomi SU7 Ultra, which had a starting price of nearly 530,000 yuan and achieved 10,000 orders in three days, has shifted dramatically, with the second-hand market now reflecting a significant decline in demand [3][4] - Reports indicate that the resale value of the SU7 has dropped, with some vehicles losing up to 100,000 yuan in value within six months of purchase [4][6] - The second-hand market for the SU7 has become increasingly challenging, with dealers expressing reluctance to purchase due to fears of further depreciation [9][11] Consumer Sentiment - Consumers are exhibiting a growing sense of caution, with many preferring to wait for better deals or alternative options, particularly in light of the recent launch of the new YU7 model [12][15] - Concerns regarding the resale value and warranty transferability are influencing consumer decisions, as potential buyers question the continuity of benefits associated with the first owner [17] - The overall sentiment in the second-hand market reflects a stark contrast to the initial hype surrounding the SU7 series, highlighting the volatility of the electric vehicle market [6][12] Competitive Landscape - The competitive environment for electric vehicles is intensifying, particularly in the 300,000 yuan price segment, with competitors like Tesla and Hongmeng Intelligent posing significant challenges to Xiaomi's market position [13][15] - The introduction of new models by Xiaomi, such as the YU7, is further compressing the market space for the SU7 series, leading to increased consumer hesitation [15][17] - The overall market dynamics are shifting, with a focus on maintaining competitive pricing and ensuring consumer confidence in vehicle value retention [12][13]