XIAOMI'S YU7 SUV CHALLENGES TESLA IN CHINA'S EV MARKET

Xiaomi, known for its smartphones, has launched its second electric vehicle, the YU7 SUV, priced at 253,500 yuan ($35,360), targeting Tesla’s Model Y in China, the world’s largest EV market.

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The YU7 undercuts the Model Y’s starting price of 263,500 yuan by about 4%, offering a longer range of up to 760 kilometers (472 miles) compared to Tesla’s 719 kilometers. CEO Lei Jun unveiled the SUV at a high-profile event, directly comparing it to the Model Y, much like he pits Xiaomi’s phones against Apple’s iPhone.

The YU7 comes in three trims: Standard, Pro, and Max, with the top model boasting 681 horsepower and a 0-100 km/h sprint in 3.23 seconds. All versions feature an 800-volt architecture for fast charging, adding 620 kilometers in 15 minutes, and include lidar for advanced driver-assist features powered by Nvidia’s Thor chip. The SUV’s sleek design, with a 1.1-meter HyperVision display and Nappa leather seats, aims for luxury, drawing comparisons to high-end models like the Ferrari Purosangue.

Consumer response was swift, with over 200,000 pre-orders in three minutes, requiring a 5,000 yuan deposit. Xiaomi even offered SU7 sedan buyers a three-day window to switch to the YU7, signaling confidence in its appeal. The launch builds on the SU7’s success, which outsold Tesla’s Model 3 monthly in China, but faces scrutiny after a fatal SU7 crash raised concerns about driverassist systems.

BEATING TESLA ON SPECS AND PRICE