Latest news with #SU7Ultra
Business Insider
22-05-2025
- Automotive
- Business Insider
Xiaomi's 'stunning' new YU7 is the latest threat to Tesla in China
One of Tesla's biggest Chinese rivals just unveiled a new EV — and it could be a major headache for Elon Musk. Smartphone maker Xiaomi showed off the YU7 at an event in Beijing on Thursday, with the electric SUV set to compete directly with Tesla's best-selling Model Y. Xiaomi said the YU7 was a "luxury high-performance SUV," with high-tech features including intelligent door handles and a panoramic "hypervision" display below the windshield. The company said the YU7 has a maximum speed of 253 kilometers (157 miles) an hour and can hit 100 km/h in 3.23 seconds. It will have a maximum range of 835km (518 miles) and can add 620km (400 miles) of range in 15 minutes of charging, Xiaomi said. Xiaomi did not say how much the YU7, its second EV, will cost. In a social media post before the unveiling, CEO Lei Jun said the SUV would go on sale in July. The YU7 threatens to pile the pain on Tesla, which is already battling underwhelming sales in China amid brutal competition from local rivals. Morgan Stanley analysts led by Adam Jonas and Andy Meng wrote in a note previewing the YU7's launch that the new SUV would be another challenge to Tesla. "We find market expectations around Tesla's near-term automotive business remain too high and do not fully reflect the quantum of incremental capacity and competition coming out of China, ultimately having an impact in international markets. Understanding this will help make more sense out of Tesla's 'all-in' push into autonomy," they wrote. The bank's analysts predicted the YU7 would replicate the sales success of Xiaomi's SU7, which notched up 120,000 pre-orders in 36 hours when it went on sale last year, saying the Model Y rival had "stunning design" combining the looks of a Ferrari or Aston Martin with the price tag of a Volkswagen. "The YU7 is just the latest sign that Chinese tech firms are taking EV performance and cost to the next level. China may have already won the EV battle," the Morgan Stanley analysts wrote. Both the SU7 and YU7 were years ahead of comparable models offered by Ford, they added. While both Xiaomi cars are only available in China, that may not be the case for long. Xiaomi confirmed in March that it aimed to sell EVs in overseas markets by 2027. Morgan Stanley's analysts estimated that competition from Chinese rivals would affect Tesla's international sales. They wrote that market expectations around Tesla's near-term automotive business remain "too high," adding that the quality of China's EV offerings justified Musk's push to pivot the company toward autonomous vehicles. Xiaomi's EV push hasn't all been plain sailing. Its sales have reportedly dipped over the past month amid claims of misleading marketing on the high-end SU7 Ultra and concerns over a fatal crash involving an SU7 in March. The crash, in which three people died after their SU7 hit a cement barrier shortly after disengaging from driver assist mode, sparked a regulatory crackdown on autonomous driving features in China.
Kuwait Times
20-05-2025
- Automotive
- Kuwait Times
China's Xiaomi to invest nearly $7bn in chips
BEIJING: Lei Jun, founder and CEO of Xiaomi Group, speaks on stage during the launch of his company's latest EV model, the SU7 Ultra, in Beijing. -- AFP BEIJING: Chinese tech giant Xiaomi will invest 50 billion yuan ($6.9 billion) in developing high-end smartphone chips, the firm's founder said on Monday. Xiaomi, which sells goods from smartphones to vacuum cleaners and EVs, is one of China's most prominent consumer electronics firms. 'Chips are the underlying core track for Xiaomi to break through in cutting-edge technology, so we will definitely make an all-out effort,' founder Lei Jun said on social media, marking the company's 15th year since its establishment. In pursuit of Xiaomi's semiconductor ambitions, the firm has developed a plan involving 'at least 10 years of investment and at least 50 billion yuan', he added. Xiaomi took initial steps into semiconductors for smartphones with the launch of the firm's first in-house chip - the Surge S1 - in 2017. But the group was forced to halt production of the chip due to technical and financial obstacles, and has since refocused on other components as well as EVs. 'That is not our 'dark history'. That is the path we have travelled,' Lei wrote on Monday. Xiaomi's chip development program has received 13.5 billion yuan in research and development funds since 2021 for a team of more than 2,500 employees, said the billionaire entrepreneur. The announcement comes as both China and the United States seek to ensure access to the most advanced components. 'Xiaomi has always had a 'chip dream',' Lei wrote, adding, 'I earnestly request everyone to give us more time and patience to support our continued exploration on this road.' A number of Chinese firms are racing to develop their own chips with the aim of freeing themselves from reliance on foreign suppliers in the face of that rivalry. In 2023, tech giant and Xiaomi competitor Huawei unveiled a high-performance smartphone equipped with a chip that experts say would be impossible to produce without foreign technologies, raising questions about the effectiveness of US restrictions. The move 'could potentially lead to the emergence of new champions capable of competing with American companies like Qualcomm,' Pascal Viaud, CEO of the consulting firm Ubik, told AFP. Beijing has also pushed companies to reduce their dependence on foreign technologies. Last month, Chinese leader Xi Jinping urged them to pursue 'self-reliance' in the sector. – AFP
SowetanLIVE
15-05-2025
- Automotive
- SowetanLIVE
Xiaomi's new EV orders slump in China as consumer backlash grows
China's Xiaomi is seeing a slump in new orders for its SU7 electric sedan, analysts said on Wednesday, as the company and its charismatic CEO grapple with a growing consumer backlash that now threatens its runaway sales success. The sporty electric vehicle quickly became a hit among Chinese drivers after it was launched in March last year. By December, its sales had overtaken Tesla's Model 3 in the world's biggest auto market on monthly basis. But Xiaomi is now facing a wave of consumer angst that began last month after a fatal accident involving an SU7. The accident, which is still under investigation, prompted widespread public discussion over the safety of the kinds of smart driving features offered by Xiaomi. Chinese regulators have since further tightened regulatory oversight on the marketing and promotion of such features. Xiaomi did not respond to a Reuters request for comment for this story. New orders for the SU7 fell 55% in April from March and the trend continued in May, with about 13,500 orders placed in the first two weeks of the month, Deutsche Bank analysts said in a note on Wednesday. That compared to 23,000 orders in the second week of March alone, a weekly all-time high. Xiaomi was pulled into further controversy last week after it apologised for what it called 'unclear communication' after complaints from customers. SU7 owners said the company had falsely advertised the design of a dual-vent carbon fibre hood it offers at an additional charge of 42,000 yuan (R106,272) on its SU7 Ultra. Nearly 400 owners of the SU7 Ultra had asked for refunds after finding the hood had no air ducts inside, which contradicted previous claims by Xiaomi and its CEO Lei Jun, Shanghai government-owned media the Paper reported on Tuesday.
Yahoo
15-05-2025
- Automotive
- Yahoo
Xiaomi's new EV orders slump in China as consumer backlash grows
SHANGHAI (Reuters) -China's Xiaomi is seeing a slump in new orders for its SU7 electric sedan, analysts said on Wednesday, as the company and its charismatic CEO grapple with a growing consumer backlash that now threatens its runaway sales success. The sporty electric vehicle quickly became a hit among Chinese drivers after it was launched in March last year. By December, its sales had overtaken Tesla's Model 3 in the world's biggest auto market on monthly basis. But Xiaomi is now facing a wave of consumer angst that began last month following a fatal accident involving an SU7. The accident, which is still under investigation, prompted widespread public discussion over the safety of the kinds of smart driving features offered by Xiaomi. Chinese regulators have since further tightened regulatory oversight on the marketing and promotion of such features. Xiaomi did not respond to a Reuters request for comment for this story. New orders for the SU7 fell 55% in April from March and the trend continued in May, with a 13,500 orders placed in the first two weeks of the month, Deutsche Bank analysts said in a note on Wednesday. That compared to 23,000 orders in the second week of March alone, a weekly all-time high. Xiaomi was pulled into further controversy last week after it apologised for what it called "unclear communication" following complaints from customers. SU7 owners said the company had falsely advertised the design of a dual-vent carbon fiber hood it offers at an additional charge of 42,000 yuan ($5,826) on its SU7 Ultra. Nearly 400 owners of the SU7 Ultra had asked for refunds after finding the hood had no air ducts inside, which contradicted previous claims by Xiaomi and its CEO Lei Jun, Shanghai government-owned media the Paper reported on Tuesday. "This crisis not only exposes the credibility crisis of Xiaomi SU7, but also the distortion of some values in the current new energy vehicle industry," it wrote. Lei, who is a social media star in China with 26 million followers on Weibo, said on Saturday the past month had been the most difficult period for him since he founded the electronics maker a decade ago. Other customers and analysts told Reuters that Xiaomi's delivery time estimates for SU7s were creating confusion. Purchasers have often found the estimates greatly overestimate delivery times, and they receive their cars much sooner than expected. That's led some analysts to question whether Xiaomi is seeking to create an artificial sense of scarcity as a marketing tactic. One Chinese blogger calling himself A Zu told Reuters he had created an app allowing buyers to submit their purchase and pick-up information in a bid to better understand Xiaomi's delivery patterns. When checked by Reuters on Wednesday, Xiaomi's official app gave estimated delivery times ranging from 26 weeks to 11 months. A SU7 owner himself, A Zu, who declined to share his real name, said he hoped Xiaomi could be more transparent with its delivery arrangements. Xiaomi has long employed highly successful marketing tactics to sell electronic products such as smartphones, analysts at Chinese consulting firm LandRoads said. "But unlike digital consumer products, the automobile involves longer purchase decision-making processes and bigger investment by consumers, who will have higher requirements on the brand's capability in fulfilling promises and its long-term credibility," it said. ($1 = 7.2083 Chinese yuan renminbi)
TimesLIVE
15-05-2025
- Automotive
- TimesLIVE
Xiaomi's new EV orders slump in China as consumer backlash grows
China's Xiaomi is seeing a slump in new orders for its SU7 electric sedan, analysts said on Wednesday, as the company and its charismatic CEO grapple with a growing consumer backlash that now threatens its runaway sales success. The sporty electric vehicle quickly became a hit among Chinese drivers after it was launched in March last year. By December, its sales had overtaken Tesla's Model 3 in the world's biggest auto market on monthly basis. But Xiaomi is now facing a wave of consumer angst that began last month after a fatal accident involving an SU7. The accident, which is still under investigation, prompted widespread public discussion over the safety of the kinds of smart driving features offered by Xiaomi. Chinese regulators have since further tightened regulatory oversight on the marketing and promotion of such features. Xiaomi did not respond to a Reuters request for comment for this story. New orders for the SU7 fell 55% in April from March and the trend continued in May, with about 13,500 orders placed in the first two weeks of the month, Deutsche Bank analysts said in a note on Wednesday. That compared to 23,000 orders in the second week of March alone, a weekly all-time high. Xiaomi was pulled into further controversy last week after it apologised for what it called 'unclear communication' after complaints from customers. SU7 owners said the company had falsely advertised the design of a dual-vent carbon fibre hood it offers at an additional charge of 42,000 yuan (R106,272) on its SU7 Ultra. Nearly 400 owners of the SU7 Ultra had asked for refunds after finding the hood had no air ducts inside, which contradicted previous claims by Xiaomi and its CEO Lei Jun, Shanghai government-owned media the Paper reported on Tuesday.
