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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.
小米希望制造你梦想中的汽车。当这家中国智能手机制造商今年早些时候首次推出电动汽车时，它进入了一个充斥着快速增长的本土车企和全球汽车制造商的市场。但市场对小米电动汽车的需求比预期的要强劲得多。它有真正的机会击败更大、更老的竞争对手。
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.
继3月份以3万美元的车型进入电动车市场后，小米现在又在豪华车上下注。它在10月底推出了SU7电动跑车，售价为11.4万美元。这使得这款电动汽车在中国与特斯拉的Model S Plaid直接竞争，后者的售价与之相近。
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的性能，包括加速度和最高速度规格，与全球同类车型相比都具有竞争力。它在被视为性能标杆的德国纽博格林20公里赛道上创造了6分46秒的记录，从0加速到62mph仅需1.97秒，最高时速超过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.
小米公司拥有凭借旗舰产品成功向高端市场进军的记录。2021年，当全球智能手机面临价格战时，小米首次超越苹果，成为全球第二大智能手机制造商。
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.
小米的股价在过去一年里翻了一番，其远期市盈率为27倍，与全球智能手机和电动汽车制造商相比有一定折扣。2021年初，美国特朗普政府将小米公司列入所谓的中国军工企业黑名单，自那时起，地缘政治风险就一直笼罩着该股。尽管该公司在联邦法院对2021年的制裁提出了质疑，并赢得了撤销，但其股价仍未恢复到制裁前的峰值。整个智能手机行业也一直在与利润缩水作斗争。
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.
电动汽车销售可以为公司增加另一个利润来源。据估计，小米汽车业务的毛利率约为5% 至10%。该公司报告称，第二季度的电动汽车业务销售额接近10亿美元。据花旗银行(Citi)今年早些时候估计，小米电动车业务的盈亏平衡点可能是每年30万至40万辆。仅在10月份，小米电动车在中国的交付量就超过了2万辆。随着其高端车型的推出，更高的单价和高于预期的销量将有助于大幅提前实现盈亏平衡。
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.
随着电动汽车制造商走上智能手机的道路，大幅降价，在功能和技术上的竞争变得越来越重要。小米的新车型可能不是每个人的梦想之车，但它已处于竞争的有利地位。