Xiaomi’s billionaire founder Lei Jun unveiled the YU7, a new SUV that the company plans to launch in the Summer of next year. The electric SUV will be positioned to take on Tesla and rival Chinese EV maker BYD as competition in the Chinese EV space intensifies. The car is strikingly similar to Tesla’s Model Y SUV, is fully electric and fitted with a nickel-cobalt-manganese battery.
Xiaomi has been on an EV launching spree, having already launched SU7 electric sedan, along with an ‘Ultra’ version that was announced earlier in October this year. The company has a $10Bn planned EV strategy, being led by Jun himself, as it looks to capture the lucrative and hugely valuable Chinese EV market that currently sees Tesla and BYD as major players.
Xiaomi’s stock rose over 3.9 per cent in Hong Kong, though later pared all gains.
With the SU7 sedan, Xiaomi is aiming at delivering a staggering 130,000 units this year, up from its own target of 120,000 units. Most of Xiaomi’s launches so far though — as is the case with a lot of China-based electronic brands — are similar to Tesla’s. The SU7 is similar to the Model 3 while the newly teased YU7 resembles Model Y.
In terms of technicals, Chinese Ministry of Industry and Information Technology filings suggest the YU7 to measure 4999 mm in length, 1996 mm in width, and 1,600 mm in height, with a 3000mm wheelbase. The vehicle’s kerb weight is listed at 2,405 kg, and it will feature a dual-motor all-wheel drive powertrain. The motor will have a peak power of 220kW or 288kW with the vehicle top speed at 253km/h.
