Xiaomi is set to launch its YU7 SUV this summer, targeting Tesla’s top-selling car in China. The YU7 boasts a driving range of at least 760 kilometers on a single charge, surpassing the 719 km advertised for Tesla’s extended-range Model Y.
Key Features
- Driving Range: The YU7 aims to alleviate consumer concerns about frequent battery charging with its impressive range capabilities.
- Pricing: According to Citi, the YU7 will be priced between 250,000 yuan and 320,000 yuan ($34,700 to $44,420).
- Sales Forecast: Citi forecasts monthly sales of about 30,000 units once sales pick up, predicting annual sales of 300,000 to 360,000 units.
Market Context
In recent months, Tesla’s Model Y has been one of the most popular new energy vehicles in China. In the six months through April, it ranked second behind BYD’s far cheaper Seagull and ahead of the Wuling Hongguang Mini. However, last month, Geely’s Geome Xingyuan topped the new energy vehicles’ bestseller list, followed by BYD’s Seagull and Wuling Hongguang Mini. The Xiaomi SU7 sedan ranked fourth, followed by three BYD models, while the Tesla Model Y ranked eighth.
Expert Insights
Elinor Leung from CLSA believes that despite being positioned as a luxury SUV, the YU7’s sales performance may outperform the SU7.
Profitability Outlook
The article does not provide any information on how long it will take for Xiaomi’s electric car business unit (EVBU) to break even or when it plans to reach profitability.
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