Latest news with #autoMarket
Yahoo
11 hours ago
- Automotive
- Yahoo
Xiaomi launches YU7, undercutting Tesla's Model Y on price
By Qiaoyi Li, Che Pan and Brenda Goh BEIJING (Reuters) -Chinese EV and smartphone maker Xiaomi on Thursday priced its new electric YU7 SUV from 253,500 yuan ($35,364), almost 4% below Tesla's Model Y, stepping up the challenge to the U.S. firm in the world's largest auto market. The YU7's base model costs 10,000 yuan less than the starting price of Tesla's Model Y in China, with the more premium models YU7 Pro and YU7 Max priced at 279,900 and 329,900 yuan respectively. Xiaomi started taking orders for all three models on Thursday night, with orders hitting 200,000 in 3 minutes after the sale started at 10 p.m. (1400 GMT) The Model Y, which was China's best-selling SUV in May, starts at 263,500 yuan in China. Xiaomi said it will partner with BYD, GAC Toyota and Zhengzhou Nissan to build an ecosystem connecting humans, homes and cars. 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. Other rivals include Zeekr's 7X and Li Auto's L6. "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," said Rosalie Chen, senior analyst at Third Bridge. The YU7 has a driving range of up to 835 km (519 miles) per charge, compared with up to 719 km for the redesigned Model Y that was launched in January. The YU7 is Xiaomi's second car since the Beijing-based firm entered the auto sector last year with its sporty electric SU7 sedan, which drew styling cues from Porsche and was priced below Tesla's Model 3. Since December, the SU7 has outsold Tesla's Model 3 in China on a monthly basis. The SU7's success expedites the company's EV bid despite intense competition in China's auto market. In March, Xiaomi raised its target for EV deliveries this year to 350,000 from earlier guidance of 300,000. The company has secured a plot of land in Beijing close to its existing car factory for 635 million yuan ($88 million), which it plans to use for a smart connected car and components project. Lei said in June that he expected Xiaomi's auto business to become profitable in the second half of the year. ($1 = 7.1684 Chinese yuan renminbi)
Yahoo
a day ago
- Automotive
- Yahoo
Xiaomi launches YU7, undercutting Tesla's Model Y on price
By Qiaoyi Li, Che Pan and Brenda Goh BEIJING (Reuters) -Chinese EV and smartphone maker Xiaomi on Thursday priced its new electric YU7 SUV from 253,500 yuan ($35,364), almost 4% below Tesla's Model Y, stepping up the challenge to the U.S. firm in the world's largest auto market. The YU7's base model costs 10,000 yuan less than the starting price of Tesla's Model Y in China, with the more premium models YU7 Pro and YU7 Max priced at 279,900 and 329,900 yuan respectively. Xiaomi started taking orders for all three models on Thursday night, with orders hitting 200,000 in 3 minutes after the sale started at 10 p.m. (1400 GMT) The Model Y, which was China's best-selling SUV in May, starts at 263,500 yuan in China. Xiaomi said it will partner with BYD, GAC Toyota and Zhengzhou Nissan to build an ecosystem connecting humans, homes and cars. 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. Other rivals include Zeekr's 7X and Li Auto's L6. "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," said Rosalie Chen, senior analyst at Third Bridge. The YU7 has a driving range of up to 835 km (519 miles) per charge, compared with up to 719 km for the redesigned Model Y that was launched in January. The YU7 is Xiaomi's second car since the Beijing-based firm entered the auto sector last year with its sporty electric SU7 sedan, which drew styling cues from Porsche and was priced below Tesla's Model 3. Since December, the SU7 has outsold Tesla's Model 3 in China on a monthly basis. The SU7's success expedites the company's EV bid despite intense competition in China's auto market. In March, Xiaomi raised its target for EV deliveries this year to 350,000 from earlier guidance of 300,000. The company has secured a plot of land in Beijing close to its existing car factory for 635 million yuan ($88 million), which it plans to use for a smart connected car and components project. Lei said in June that he expected Xiaomi's auto business to become profitable in the second half of the year. ($1 = 7.1684 Chinese yuan renminbi)
Bloomberg
23-05-2025
- Automotive
- Bloomberg
BYD Dealerships Failing Show Financial Pain in China Car Sector
Car dealership groups in two provinces have gone out of business since last month in China, both of them BYD Co. retailers, evidence of the tough competition in the nation's auto market and proof that not even selling the country's No. 1 brand can shield businesses from financial difficulties. Xingqi Group outlets in Liaoning province have stopped delivering new cars or providing service for more than 60 customers, according to Liaoning Radio and Television Station, while more than 500 people have formed online consumer rights groups to demand action from Qiancheng Holdings, which operated about 20 showrooms in Shandong province. Its stores also appear to have now closed, Chinese media outlet Autodealer reported May 6.
Bloomberg
21-05-2025
- Automotive
- Bloomberg
Musk Distorts the State of Market Where Tesla Sales Have Crashed
Elon Musk mischaracterized the state of Europe's auto market this year when he said Tesla Inc. is seeing sales decline along with every other carmaker. Contrary to his assertion, five manufacturers that registered more new vehicles than Tesla did in the last four months posted sales increases. Tesla had by far the worst showing among major automakers, with registrations plunging almost 40%.
