Xiaomi's Pangcheng SUV Records 70,000 Orders in First Month; Shares Surge 9%
AM730 · 3 SOURCES1 day ago2 MIN
Summary
Xiaomi Corp (stock code: 1810) shares closed up 9.72% at HK$25.96 on Friday, driven by strong demand for its new Pangcheng electric vehicle series. The company announced that the four-model lineup, launched on September 7, accumulated over 70,000 firm orders in just 30 days. Total vehicle deliveries in September exceeded 40,000 units, a record monthly high for Xiaomi's automotive business. Lei Jun, Xiaomi's chief executive, had earlier disclosed that the Pangcheng series alone delivered over 10,000 units in September, while total monthly deliveries surpassed the previous record set in August at 30,153 units . The Pangcheng series targets the mass-market family SUV segment priced between 200,000 and 300,000 yuan .
Key Points
- Xiaomi shares surged 9.72% to close at HK$25.96, with trading volume reaching HK$6.497 billion
- The Pangcheng series, launched September 7 to October 7, recorded over 70,000 lock-in orders in its first month
- Four models were released: N70 Pro (209,900 yuan), N70 Max (239,900 yuan), N90 Max (269,900 yuan), and N90 Max Explorer Edition with a lifting roof cabin (299,900 yuan)
- September total vehicle deliveries exceeded 40,000 units, surpassing August's 30,153 units and setting a new 2024 monthly record
- Xiaomi's dual technology strategy combining pure electric and extended-range vehicles has gained market validation despite industry headwinds
Why It Matters
The strong debut of the Pangcheng series demonstrates Xiaomi's successful transition from a smartphone maker to a serious player in China's competitive electric vehicle market. With production capacity ramping up, the company is well-positioned to capture significant market share in the mainstream family SUV segment during the crucial fourth-quarter sales period . For Hong Kong investors, Xiaomi's stock rally reflects growing confidence in the company's diversification beyond consumer electronics into high-margin automotive manufacturing .
The strong debut of the Pangcheng series demonstrates Xiaomi's successful transition from a smartphone maker to a serious player in China's competitive electric vehicle market. With production capacity ramping up, the company is well-positioned to capture significant market share in the mainstream family SUV segment during the crucial fourth-quarter sales period . For Hong Kong investors, Xiaomi's stock rally reflects growing confidence in the company's diversification beyond consumer electronics into high-margin automotive manufacturing .