Xiaomi to Launch YU7 Electric SUV in July

On Thursday, Xiaomi Corporation (OTC:XIACY) founder and CEO Lei Jun announced that the company will begin selling its YU7 electric SUV in July.

This new model is positioned as a direct competitor to Tesla’s best-selling Model Y in China. Xiaomi is the world’s third-largest smartphone maker, which recently ventured into the automotive sector and revealed specifications for its second EV model during an event.

While Xiaomi did not disclose official pricing or begin pre-orders for the YU7, Lei Jun drew direct comparisons to Tesla’s Model Y during his presentation. For instance, the YU7 boasts a driving range of up to 835 kilometers per charge, which exceeds the redesigned Model Y’s range of up to 719 kilometers, which was launched in January. Lei Jun suggested that the YU7’s configurations, compared to the Model Y’s starting price of 263,500 yuan, would typically make it 60,000-70,000 yuan more expensive, but stated that the final price would be revealed in July.

Xiaomi entered the auto market last year with its sporty SU7 EV, which was stylistically influenced by Porsche and priced below Tesla’s Model 3. Since December, the SU7 has consistently outsold Tesla’s Model 3 in China every month, with deliveries exceeding 258,000 units since its launch. However, new orders for the SU7 have reportedly declined following a fatal highway crash at the end of March involving an SU7 in driving-assistance mode, compounded by customer complaints of false advertising, for which Xiaomi Corporation (OTC:XIACY) has apologized.

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Disclosure: None. This article is originally published at Insider Monkey.