It’s not known yet, they produced the first batch of Max in the Phase one factory, and the Phase two is said to “start production soon” on the date before YU7’s launch: https://carnewschina.com/2025/06/25/over-500-units-of-xiaomi-yu7-reportedly-rolled-off-production-line-assembled-at-the-f1-factory/ .

The problem is that even a 350k capacity per year is still not that enough for Xiaomi to fulfill all the pre-orders.

Unless the F2 ramp-up is catastrophic, I think Xiaomi should easily be able to meet their 350k goal, maybe even a month early if it goes well.