Xiaomi unveils new electric SUV to challenge Tesla Model Y
Chinese technology leader Xiaomi made a significant move into the electric vehicle sector on Thursday by introducing its latest SUV, the YU7, at 13 different showrooms in Beijing.
This launch highlights Xiaomi's ongoing effort to compete with Tesla in the largest automotive market in the world.
The YU7 is a follow-up to the successful launch of Xiaomi’s first sedan, the SU7, which has surpassed Tesla’s Model 3 in monthly sales since December. Orders for the YU7 will be accepted starting in July, with the price expected to be announced then.
Industry experts believe the YU7 could be a major competitor to Tesla’s leading Model Y. However, Xiaomi is facing challenges; orders for its electric vehicles have seen a downturn in recent months following a tragic crash in March involving an SU7 using driver-assistance features. The company has also faced criticism for vague marketing messages, leading to a public apology.
Although Xiaomi has yet to reveal the price of the SUV, HSBC Qianhai has predicted it will fall between 230,000 and 330,000 yuan ($31,989–$45,898). Analysts estimate that Xiaomi could deliver 100,000 units of the YU7 this year, with projections of nearly 250,000 units by 2026.
Currently, Tesla’s Model Y begins at a price of 263,500 yuan in China.
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