Xiaomi, the Chinese electronics giant, announced plans to release its first SUV, the YU7, next summer. The company expects the launch to happen in June or July as it deepens its presence in China’s competitive electric vehicle (EV) market.
The announcement was made on Weibo, accompanied by an image of the YU7 parked next to Xiaomiโs SU7 sedan, the companyโs first electric car. Both vehicles share a similar design aesthetic, showcasing Xiaomi’s unified vision for its EV lineup.
YU7 Specifications and Features
According to Chinaโs Ministry of Industry and Information Technology, the YU7 is a pure electric SUV with a top speed of 253 km/h (157 mph). The vehicle will use advanced batteries supplied by CATL, a leading Chinese battery manufacturer.
Xiaomi CEO Lei Jun shared on Weibo that key specifications for the YU7 were revealed early to allow extensive large-scale testing over a longer timeframe.
Xiaomi’s EV Ambitions
Xiaomi entered the EV market in March with the SU7 sedan, a sleek model resembling Porsche, priced at under $30,000. In October, the company launched a luxury SU7 variant, positioned to compete with Tesla’s Model S Plaid, boasting high performance and a record lap time at Germany’s Nurburgring track.
The companyโs EV delivery target for 2024 has been raised three times, now set at 130,000 units, reflecting strong market demand.
Market Context
Xiaomi reported a 30.5% increase in third-quarter revenue, exceeding analystsโ expectations. This growth coincides with a rise in China’s car sales, which surged last month due to government-subsidised auto trade-ins.
The YU7 is part of Xiaomiโs broader strategy to establish itself as a significant player in the EV industry, building on its success in electronics and smartphones.
