Chinese tech giant Xiaomi announced plans to launch its first SUV, the YU7, in June or July of next year. This move signifies the company’s deepening involvement in China’s highly competitive automotive market.
Xiaomi announced the launch on China’s social media platform Weibo alongside an image of the YU7 parked beside its first electric vehicle, the SU7 sedan, with the two cars sporting similar designs.
The YU7, an all-electric SUV with a top speed of 253 km/h (157 miles), will be powered by batteries from CATL.
Xiaomi CEO Lei Jun explained that the early disclosure of the YU7’s specifications is aimed at facilitating extensive testing.
Last month, Xiaomi increased its 2023 EV delivery target to 130,000 units, reflecting strong consumer demand. The company’s initial foray into the EV market in March with the Porsche-inspired SU7 series, priced below $30,000, has been followed by the unveiling of a luxury variant in October, designed to rival Tesla’s Model S Plaid.
Xiaomi’s third-quarter revenue surged 30.5%, exceeding analyst expectations. As China’s car sales accelerate, boosted by government-subsidized trade-ins, Xiaomi is poised to capitalize on the growing electric vehicle market.
Earlier this year, the company unveiled a luxury variant of the SU7, priced to rival Tesla’s Model S Plaid, while touting its performance with a record lap time at Germany’s grueling Nurburgring track.
[source: Reuters]
