AsianAutos18June2025XiaomiCorpEuniceLee,CFARating+85221232606eunice.lee@bernsteinsg.comOutperformMikaFuPriceTarget+85221664805mika.fu@bernsteinsg.com1810.HKFrankieFong+85221232637frankie.fong@bernsteinsg.com60.00HKDXiaomi:DecodingXiaomiEV'sSuccess—Product,Marketing,Brand,andEcosystemXiaomi'sfirstEV,theSU7,hasachievedremarkablesuccessandwithinjustoneyear,theCloseDate18Jun2025SU7hasbecomethebest-sellingsedanwithastartingpriceexceedingRMB200k,acrossall1810.HKClosePrice(HKD)53.80powertrainoptions,inChina.Evenafter15monthsonthemarket,theSU7maintainsanorderPriceTarget(HKD)60.00backlogofover40weeks.WethinkthesuccessofXiaomiSU7canbeattributedtofourkeyUpside/(Dow...