Chinese automaker increases stakes in competition against Tesla with mega-cheap model: 'To become a serious player in the mass-market EV segment'

Yahoo

2 days ago

After Tesla's new Model Y had consumers shocked by its lowered price, Chinese technology company Xiaomi dropped even lower prices on its new SUV.
According to Reuters, Xiaomi "priced its new electric YU7 SUV from 253,500 yuan ($35,364), almost 4% below Tesla's Model Y."
The details surrounding the new YU7 are already grabbing EV lovers' attention.
In one review of the SUV, the comparison of the YU7 and the 2025 Ferrari Purosangue was highlighted. With the Purosangue starting at just under $430,000, the YU7's affordability is even more impressive and appealing.
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The Tesla Model Y has been doing well in China recently, but Xiaomi has high hopes for the future of the YU7 SUV.
"Xiaomi's CEO and founder Lei Jun has said he wants the YU7 to challenge the Model Y, and analysts say it has the potential to succeed," Reuters reported.
Rosalie Chen, a senior analyst at Third Bridge, a global research organization, said, "The YU7 will serve as an early test of whether Xiaomi can broaden its appeal beyond early adopters and tech enthusiasts to become a serious player in the mass-market EV segment," as quoted by Reuters.
The YU7 SUV by Xiaomi is officially being sold in China now, with plans to bring the vehicle to the global market by 2027.
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