Xiaomi plays catch-up with increasing EV order volume

Xiaomi (1810) reportedly saw strong growth in electric vehicle orders in January, with estimates ranging from 37,000 to 40,000 units.

Shares rose nearly 2 percent.

The tech firm’s monthly delivery volume surpassed 20,000 units but has yet to reach 30,000, falling short of its rapidly increasing order volume, mainland media said. 

Earlier reports indicated that Xiaomi secured approximately 8,000 new orders from January 13 to 19. As of the end of last year, the company had over 260,000 orders but total deliveries stood at only 135,000 vehicles, leaving half of the orders unfulfilled, reports said, adding that it may take four to five months to fully process these backlogged orders at its current delivery pace.

STAFF REPORTER