XIAOMI(HK:01810) 3 6 Ke·2026-01-14 03:45Core Insights - The new generation of Xiaomi SU7 has officially started pre-orders, with three versions priced at 229,900 yuan, 259,900 yuan, and 309,900 yuan, reflecting an increase of 10,000 to 14,000 yuan compared to the previous model, and is expected to launch in April this year [1] - Xiaomi's approach to this update is characterized by a restrained strategy, avoiding a separate launch event and extensive pre-marketing, which is understandable given the established market position of the SU7 [1][4] - The new SU7 aims to address how Xiaomi can continue to advance without disrupting the existing success of a well-validated model in the market [1] Pricing and Cost Factors - The price adjustment is influenced by significant fluctuations in raw material costs, including lithium carbonate and automotive-grade memory, which have increased costs by several thousand to tens of thousands of yuan [2] - The new SU7 represents a typical "increase in quantity while increasing price" model, with systematic upgrades in configuration and structure, leading to increased production costs [1][2] Product Strategy and Design - The new SU7 is viewed as a mid-cycle update rather than a complete overhaul, focusing on stability and addressing shortcomings while maintaining continuity [4][6] - The exterior changes are minimal, primarily focusing on the front grille and introducing a new color option, while the interior features a redesigned layout that enhances usability and balances digital and physical interactions [6][9] - Safety features have been significantly upgraded, including enhanced structural integrity and an increase in the number of airbags from 7 to 9 [6][9] Market Position and Performance - The SU7 has established itself as a benchmark in the 200,000 yuan and above electric sedan market, with cumulative deliveries exceeding 360,000 units before the new model's pre-order [10][12] - The sales structure of the SU7 is healthy, with a significant proportion of sales coming from mid to high-end versions, contrasting with competitors that often rely on lower-priced models [12][14] - The SU7's success is attributed to a comprehensive product system rather than a singular pricing strategy, indicating strong market validation [12][14] Future Challenges and Goals - As the SU7 transitions from a new player to a market benchmark, Xiaomi faces increased scrutiny and competition in the 200,000 yuan and above electric vehicle segment, with established competitors like Tesla and emerging models from other brands intensifying the market landscape [15][17] - Xiaomi aims for a sales target of 550,000 units by 2026, indicating a shift from reliance on a single model to a multi-product growth strategy, with plans to launch four new models, including range-extended vehicles [20][21] - The SU7's role is evolving from merely being the first car to providing a stable sales foundation for the brand, necessitating a careful balance of product performance and market expectations [21][22]