Xiaomi Set to Enter Auto Market with New SUV Launch Amid Growing Demand
Xiaomi to launch its first SUV, the YU7, in June or July next year. YU7 is a pure electric SUV with a top speed of 253 km per hour. Xiaomi raises EV delivery target to 130,000 units this year.
The company revealed the news on China's social media platform Weibo, showcasing the YU7 alongside its first electric vehicle, the SU7 sedan, both featuring similar designs.
According to information from China's Ministry of Industry and Information Technology, the YU7 is a pure electric SUV with an impressive top speed of 253 km (157 miles) per hour. The vehicle will be powered by batteries from a unit of China's CATL.
Xiaomi's CEO, Lei Jun, shared on Weibo that key specifications of the YU7 were disclosed early to facilitate extensive testing over an extended period. This move aims to ensure thorough testing and development of the new SUV.
In response to the increasing demand for electric vehicles, Xiaomi has raised its EV delivery target for this year to 130,000 units. The company made its foray into the EV market earlier this year with the launch of the SU7 series, a budget-friendly electric vehicle resembling a Porsche, priced at under US$30,000.
In a bid to compete with established players like Tesla, Xiaomi unveiled a luxury variant of the SU7 in October, priced to rival Tesla's Model S Plaid. The company highlighted the performance of the vehicle by achieving a record lap time at Germany's renowned Nurburgring track.
Xiaomi's third-quarter revenue saw a significant increase of 30.5% this year, surpassing analysts' expectations. This growth reflects the company's successful expansion into new markets and its ability to meet the evolving demands of consumers.
Xiaomi to launch its first SUV, the YU7, in June or July next year
YU7 is a pure electric SUV with a top speed of 253 km per hour
Xiaomi raises EV delivery target to 130,000 units this year
Source: REUTERS