CHINESE EV and smartphone maker Xiaomi yesterday priced its new electric YU7 SUV from 253,500 yuan ($35,364), almost 4 per cent 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 last night, with orders hitting 200,000 in three minutes after the sale started at 10pm (5pm Bahrain time).
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 has a driving range of up to 835km (519 miles) per charge, compared with up to 719km for the redesigned Model Y that was launched in January.
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