Xiaomi auto dies. Xiaomi’s share price plummeted.

Editor’s lead: Two days before and after Xiaomi held the automobile technology conference, the share price of Xiaomi Group fell continuously. In the eyes of the industry, this is not only the expectation of Xiaomi Automobile in the capital market, but also the price of Xiaomi’s first car, which is influenced by factors such as "slightly expensive" in Lei Jun’s statement.

Xiaomi’s share price fell for two consecutive days.

On December 29th, the first day after the technical conference of Xiaomi Automobile, the Hong Kong stocks of Xiaomi Group fell again, closing at HK$ 15.6 per share, a decrease of 4.18%. It is worth mentioning that on December 28th, Xiaomi Group has turned from rising to falling. On the 28th, on the day of Xiaomi Automobile Technology Conference, Xiaomi Group once rose over 2% in early trading, and closed at HK$ 16.28 per share on the 28th, down 0.25%.

In this regard, Shen Meng, executive director of chansons Capital, told CRRC. "The appearance of a Porsche, coupled with the parameters of Tesla, shows that Xiaomi lacks innovation ability, and such products lack sufficient competitiveness in the market prospect of weak demand growth for new energy vehicles, making it difficult to give investors enough confidence and expectation for Xiaomi’s automobile business."

In addition, some auto industry analysts who did not want to be named told CRRC. com, "Overall, the share price of Xiaomi Group rose once in November and December. Before the press conference yesterday, the share price of Xiaomi Group continued to rise again. This decline actually reflected the expected landing of Xiaomi Automobile in the capital market. The previous trend may have exceeded expectations, and many people have already started selling Xiaomi Automobile after it was really released."

However, it also pointed out that another part of the factor may be the price factor of Xiaomi SU7. "Lei Jun made it clear that it is impossible to go below 149,900, and this may have exceeded everyone’s expectations, because some people thought it would be below 200,000. However, listening to Lei Jun’s statement will at least reach the price range of 200,000-300,000, which may be a little expensive. "

On the afternoon of 28th, Xiaomi Automobile Technology Conference was held as scheduled. Lei Jun, founder, chairman and CEO of Xiaomi Group, announced at the conference that the first model of Xiaomi Automobile was Xiaomi SU7, positioning the C-class coupe. At the same time, the latest achievements of the five self-developed core technology systems of electric drive, battery, large die casting, intelligent driving and intelligent cockpit are disclosed. Lei Jun said that Xiaomi Group has thus achieved a complete closed loop of the strategy of "people, cars and homes".

Conference on "insufficient highlights"

In fact, this conference, from the beginning to the end, has been accompanied by many controversies, including the appearance exposed in the early stage is similar to the Porsche Taycan (parameter picture).

As the clarion call for Xiaomi to formally enter the new energy market, at this conference, Lei Jun broke down the technology of Xiaomi Automobile in detail, including the five core technologies mentioned above. Such as millet super motors V6, V6s and V8s, CTB integrated battery technology, 9100t integrated large die-casting equipment cluster system, Xiaomi surging OS.

Among them, some technologies have indeed given the outside world a bright feeling. For example, the zoom BEV scheme carried by the intelligent driving system can integrate visual algorithms and demonstrate that the unmanned intelligent driving in the video reaches the first echelon. However, after the press conference, the industry’s evaluation of this conference was not praised.

Some media believe that this has not made a perfect interpretation of the "Mijia Ecology" that Xiaomi is best at. Instead, it has been involved in the technical parameters such as hardware that traditional car companies are better at. Many technologies mentioned by Lei Jun are not new. It has been mentioned in PPT of major car companies to varying degrees before, but the difference is that Xiaomi’s parameters are more extreme.

There are also well-known autobots who publicly commented on social media, "There is a feeling that today’s Xiaomi conference, Lei Jun is a little exaggerated in hardware, but there are many reservations in software."

The above analysts believe that "at present, the best technology is the smart cockpit and motor, and then the battery CTB and integrated die casting may be average, which makes everyone feel that there is nothing particularly bright in the Xiaomi conference."

It is worth mentioning that the V8s super motor with a speed of 27,200 rpm is eye-catching, but it is generally regarded as a futures, because the V8s super motor with a speed of 27,200 rpm will not get on the bus until 2025, and the V6 motor with a speed of 21,000 rpm that can get on the bus at present has been surpassed by competing products such as Zhijie S7.

Under the rush to fight, the "roll" of Xiaomi automobile’s hardware parameters has also caused some controversy. The torsional stiffness of Xiaomi SU7 announced that it reached 51,000 m/deg, and Lei Jun said that this parameter was "definitely the first in the world", while the polar fox has already surpassed the two cars that have been delivered, and one of them has reached 60,000 m/deg.

It is difficult to break through.

Through a press conference, Lei Jun finally officially brought Xiaomi Automobile into the public’s eyes, and this is just the beginning of the challenge for Lei Jun’s road to making cars.

At present, the domestic new energy market is changing rapidly. Compared with Huawei’s admission, it barely caught up with the outbreak of new energy. The difference is that Xiaomi’s fate has lagged behind slightly. From 2021 to 2022 and then to 2023, the growth rate of new energy vehicles has slowed down significantly. Especially on the pure electric track where Xiaomi Automobile chose to enter, in the first 11 months of this year, the growth rate of pure tram sales has been as low as 20%, and the market saturation is extremely high.

To break through in the pure electricity market with high maturity, this will inevitably put forward higher requirements for new players. Although Xiaomi SU7 products have not yet been listed, from the key words such as plagiarism and release of futures, Lei Jun’s Xiaomi car has already been stacked with some DeBuff, which has doubled the pressure on Xiaomi SU7 to break through.

At the same time, in the C-class pure electric car market, the sales volume in the first 11 months of this year was 223,700, achieving a year-on-year increase of 16.5%. In this small market segment, it is already crowded with competitors.

Before its listing, the Zhijie S7 jointly built by Huawei and Chery and the Xingjiyuan ES under Xingtu, as the same level models, have lowered the price to 225,800. On the day before Xiaomi’s technology conference, Extreme Krypton 007 was officially launched. From the outside world, it was an accurate attack on Xiaomi SU7. Extreme Krypton 007 directly lowered the price to 209,900, which brought difficulties to Xiaomi’s pricing strategy.

The general view in the industry is that the key to whether Xiaomi SU7 can break through still lies in the price. The aforementioned analysts also stressed once again that, in their view, "from the price point of view, if we want to achieve a rapid start-up, the price of Xiaomi’s first car will be more promising in the range of 150,000 to 200,000. But at present, I feel that I have to go up to 200,000. " However, it also said that Xiaomi was also an integrated supply chain before, and it remains to be seen to what extent the final cost can be compressed.

According to the plan, Xiaomi SU7 will be mass-produced in the first half of 2024.