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Xiaomi wants to make your dream car. When the Chinese smartphone maker first launched its electric car earlier this year, it entered a market saturated with fast-growing local and global automakers. But demand for Xiaomi’s EVs has been much stronger than expected. It has a real chance of unseating bigger, older rivals.
小米希望製造你夢想中的汽車。當這家中國智慧型手機製造商今年早些時候首次推出電動汽車時，它進入了一個充斥著快速成長的本土車企和全球汽車製造商的市場。但市場對小米電動汽車的需求比預期的要強勁得多。它有真正的機會擊敗更大、更老的競爭對手。
After entering the EV market with a $30,000 model in March, Xiaomi is now taking a bet on luxury. It launched a version of its SU7 electric sports car in late October, priced at $114,000. This puts the EV in direct competition with Tesla’s Model S Plaid in China, which sells for a similar price.
繼3月份以3萬美元的車型進入電動車市場後，小米現在又在豪華車上下注。它在10月底推出了SU7電動跑車，售價爲11.4萬美元。這使得這款電動汽車在中國與特斯拉的Model S Plaid直接競爭，後者的售價與之相近。
The SU7 Ultra’s features, including acceleration and top speed specifications, are competitive with global peers’ models. It set a record at Germany’s 20km Nürburgring track — considered a benchmark of performance — with a 6.46 lap time, accelerating from 0 to 62mph in 1.97 seconds and reaching a top speed exceeding 217mph.
SU7 Ultra的效能，包括加速度和最高速度規格，與全球同類車型相比都具有競爭力。它在被視爲效能標杆的德國紐博格林20公里賽道上創造了6分46秒的記錄，從0加速到62mph僅需1.97秒，最高時速超過217mph。
Xiaomi has a record of successfully moving upmarket with its flagship product. When the world of smartphones was facing price wars, in 2021, it overtook Apple for the first time to become the world’s second-largest smartphone maker.
小米公司擁有憑藉旗艦產品成功向高階市場進軍的記錄。2021年，當全球智慧型手機面臨價格戰時，小米首次超越蘋果，成爲全球第二大智慧型手機製造商。
Shares of Xiaomi have doubled in the past year and trade at 27 times forward earnings, a discount to global smartphone and EV makers. Geopolitical risk has been an overhang on the stock since early 2021, when the Trump administration in the US added it to a blacklist of alleged Chinese military companies. Although it challenged the 2021 sanctions in federal court and won a reversal, its shares have yet to recover to their pre-sanction peaks. The smartphone industry in general has also been battling shrinking margins.
小米的股價在過去一年裏翻了一番，其遠期市盈率爲27倍，與全球智慧型手機和電動汽車製造商相比有一定折扣。2021年初，美國川普政府將小米公司列入所謂的中國軍工企業黑名單，自那時起，地緣政治風險就一直籠罩著該股。儘管該公司在聯邦法院對2021年的制裁提出了質疑，並贏得了撤銷，但其股價仍未恢復到制裁前的峯值。整個智慧型手機行業也一直在與利潤縮水作鬥爭。
EV sales could add another source of increasing profits. Xiaomi has estimated gross profit margin of around 5 to 10 per cent for its auto business. It reported sales of nearly $1bn from its EV business in the second quarter. Break-even here could be 300,000-400,000 units a year, Citi estimated earlier this year. Xiaomi’s EV deliveries in China surpassed 20,000 vehicles in the month of October alone. Higher unit prices following its premium model launch and stronger than expected sales would help bring forward break-even significantly.
電動汽車銷售可以爲公司增加另一個利潤來源。據估計，小米汽車業務的毛利率約爲5% 至10%。該公司報告稱，第二季度的電動汽車業務銷售額接近10億美元。據花旗銀行(Citi)今年早些時候估計，小米電動車業務的盈虧平衡點可能是每年30萬至40萬輛。僅在10月份，小米電動車在中國的交付量就超過了2萬輛。隨著其高階車款型的推出，更高的單價和高於預期的銷量將有助於大幅提前實現盈虧平衡。
With EV makers going the way of smartphones and slashing prices, competing on features and technology is increasingly important. Xiaomi’s new model may not be everyone’s dream car, but it is well positioned to compete.
隨著電動汽車製造商走上智慧型手機的道路，大幅降價，在功能和技術上的競爭變得越來越重要。小米的新車型可能不是每個人的夢想之車，但它已處於競爭的有利地位。