On April 2nd, Xiaomi's stock price surged nearly 15% after the opening of the Hong Kong stock market, followed by a downward adjustment. As of the close, it was at HKD 16.12, up nearly 8%.

This is the first trading day after the release of Xiaomi SU7, and the rise in stock price reflects the market's positive attitude towards the debut of Xiaomi's first car.

According to official information from Xiaomi Motors, after the Xiaomi SU7 started online ordering, the number of orders exceeded 50,000 within 27 minutes and reached 88,898 within 24 hours. In addition, both rounds of the official "founding version" Xiaomi SU7 launched by Xiaomi have sold out in one second.Offline, Xiaomi's store traffic has skyrocketed, and many people have flocked to offline stores to witness the charm of the Xiaomi SU7, which stands in stark contrast to the stores of other car companies.

Zhu Keli, Executive Director of the China Information Association and Founding Director of the National Research Institute of New Economy, believes that Xiaomi Motors received a large number of orders in a short period of time after going public, which proves the success of its pricing strategy. Zhu Keli said in an interview, "Consumers always have a strong willingness to purchase products with high cost-effectiveness, and Xiaomi Motors precisely meets this demand. The success of pricing not only brings considerable sales to Xiaomi Motors, but also lays a solid foundation for its future market expansion."

Xiaomi SU7 is favored by many investment banks.

The hot sales of Xiaomi cars have also attracted the optimism of many investment banks.

On April 2nd, Goldman Sachs released its latest report stating that the Xiaomi SU7 brought a surprise, making its debut far stronger than expected, and the price was roughly in line with expectations.

Goldman Sachs stated that within 24 hours of its launch, orders for the SU7 have approached 89,000 units, indicating strong order volume. At the same time, the launch of three different versions of the SU7 means that the product portfolio will be more balanced, which may drive sales and average selling prices higher than expected. Therefore, Goldman Sachs has raised the company's target price from HKD 18.9 to HKD 20, maintaining a "buy" rating.

Morgan Stanley has released a research report indicating that Xiaomi's first electric vehicle has optimistic sales performance. If the company can continue to lead the industry in advanced driving assistance systems (ADAS) and intelligent cabin functions, the bank believes that Xiaomi is likely to become a disruptive force with huge growth potential.

Morgan Stanley stated that although Xiaomi's final selling price for electric vehicles was similar to that of its peers, the related sales performance brought surprises, so it set the company's target price at HKD 17.5 and rated it as "overweight".

JPMorgan Chase also believes that the SU7 has a strong start. The bank published a research report stating that the pricing of the Xiaomi SU7 is attractive, coupled with strong specifications and equipment. With a pre-sale of 27 minutes, it has received 50000 orders (compared to the Geely 007, which reached 50000 on the 40th day).

JPMorgan Chase believes that although Xiaomi's electric vehicle business will experience losses in the first few years, investors are expected to focus on the sales momentum of electric vehicles to prove that its electric vehicle development strategy is becoming increasingly accepted. Therefore, the company maintains its "overweight" rating with a target price of HKD 21.

In addition, Lyon predicts that Xiaomi can deliver 60,000 units of Xiaomi SU7 within this year and 300,000 units by 2026. They believe that Xiaomi Group can compete with new Chinese automakers and has the potential to enter the global market. The bank also gave the company a "buy" rating.

Xiaomi SU7 Withdrawal Rate Reaches 40%？

However, there are many people who are popular, and the same goes for car celebrities. In the past few days of ongoing discussions on the Xiaomi SU7, there has been an increasing amount of controversy surrounding the car.

One is that the test drive experience of Xiaomi was not good. Due to the limited number of stores at Xiaomi, both in stock viewing and test driving require queuing. And according to some test drive netizens, the time left by Xiaomi stores for each test drive personnel is very short, and there are also situations where they cannot experience the intelligent driving function.

In response to this, the official response stated that due to the much higher demand for test drives than estimated, the current experience time for each test drive user is 15 minutes, which is relatively tight. Therefore, the intelligent driving process has not been arranged in the standard experience process. If users are particularly interested in smart driving, they can make an appointment with the salesperson in advance to explain their needs. All the smart driving functions equipped during delivery can be experienced. The official also stated that the test drive process will be continuously optimized in the future.

Another key point of discussion is how much Xiaomi's lock up and refund volume is. Xiaomi's policy is that large orders can be refunded within 7 days, but the original version cannot be refunded and will be locked upon placing an order.

On April 2nd, a well-known automotive media blogger released a first-line report on the launch of the Xiaomi SU7 72 hour new car. It is mentioned that the lock up rate of Xiaomi SU7 is between 35% and 40%, and the unsubscribe rate reaches 40%. The blogger stated that due to the small number of Xiaomi stores, the number of customers entering the store completely exceeds the store's capacity. Some customers choose to cancel their orders due to the inability to receive and pick up the car normally, and are waiting to see the delivery reputation.

Assuming this unsubscribe rate is true, then the remaining order volume for Xiaomi SU7 still exceeds 50,000, which is still a very considerable value.

The car blogger also mentioned that the Xiaomi SU7 has shown a clear breakthrough effect, with customers basically only looking at the Xiaomi SU7 when entering the store, and then flowing to other brands to see cars. In addition, due to the long delivery cycle, customers with locked orders are more concerned about the delivery time and are not sensitive to specific processes such as payment and delivery.

As of April 2nd, the delivery cycle for the Xiaomi SU7 Standard Edition locked in orders is between 20-23 weeks, while the Pro Edition is expected to take 19-22 weeks. The top of the line Max Edition requires the longest waiting time, which is 28-31 weeks.Regardless of the external discussions on SU7, Xiaomi's current focus is still on ramping up production capacity and delivering.

The Xiaomi car factory will be constructed in two phases, with the first phase having an annual production capacity of 150000 units and completed in June 2023; The second phase is planned to start construction in 2024 and be completed in 2025. It is worth noting that Xiaomi has not yet maintained its first phase factory in full production. According to Guo Mingqi, an analyst at Tianfeng International Securities, Xiaomi's initial production capacity plan is less than 80,000 units, with an estimated shipment volume of 50,000 to 60,000 units.

Due to the popularity of the Xiaomi SU7, it has been revealed that Xiaomi Motors has requested suppliers to increase production capacity to 10000 vehicles per month, with the version being requested to focus on increasing production capacity being the high-end model.

At the same time, Lei Jun announced that the first delivery ceremony of the Xiaomi SU7 will be held tomorrow (April 3) at the Xiaomi car factory in Yizhuang, Beijing. The delivery centers in 28 cities across the country will also start delivery simultaneously. Lei Jun said, "After three years of waiting, we can finally hand over our painstaking work to users!"

According to Lei Jun's previous statement at the press conference, tomorrow's delivery will be the founding version of the Xiaomi SU7. The non original version of the car, the regular and Max versions, will be delivered on a large scale starting at the end of April, while the Pro version will have to wait until the end of May for delivery.