Xiaomi is positioned to be among the top ten automakers globally by 2035, Bernstein analysts write in a note.
The company has seen significant success in China with its first model, SU7. Xiaomi's first EV model has seen strong demand, record production ramp-up and impressive gross margins at 20.4%.
Bernstein forecasts Xiaomi to achieve around 405,000 unit deliveries this year, surpassing the company's guidance of around 350,000 units.
By 2035, the company can reach around 3.5 million units, ranking it among the top ten automakers globally. The next model launch, YU7, for mid-2025, would be the next positive stock catalyst, it says. Bernstein initiates its coverage of Xiaomi with an outperform rating and sets the target price at HK$55.00. Shares last traded at HK$43.10.
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