Chinese electronics giant Xiaomi announced on Monday that it plans to debut its first electric SUV, the YU7, in June or July 2024, as the company deepens its presence in China’s increasingly competitive auto market.
The announcement, made via the Chinese social media platform Weibo, was accompanied by an image of the YU7 positioned alongside Xiaomi’s first electric vehicle, the SU7 sedan. Both vehicles share a sleek design aesthetic, reflecting the brand’s cohesive approach to its automotive lineup.
According to information from China’s Ministry of Industry and Information Technology, the YU7 is a pure electric SUV capable of reaching a top speed of 253 kilometers per hour (157 mph). The SUV will be powered by batteries supplied by a unit of CATL, one of China’s leading battery manufacturers.
Xiaomi CEO Lei Jun shared on Weibo that the early disclosure of the YU7’s specifications was intended to facilitate comprehensive, large-scale testing ahead of its official launch. This move underscores Xiaomi’s focus on quality assurance and performance optimisation.
Xiaomi has already made waves in the automotive sector this year with its debut EV, the SU7 series, which launched in March. The SU7, resembling a Porsche in design, is priced below $30,000, targeting value-conscious consumers. In October, Xiaomi introduced a luxury version of the SU7 to rival Tesla’s Model S Plaid, highlighting its performance with a record lap time at Germany’s challenging Nürburgring track.
In response to strong market demand, Xiaomi recently raised its EV delivery target for the year to 130,000 units, marking its third upward revision. The company’s strategic foray into electric vehicles aligns with its robust third-quarter performance, which saw revenue surge 30.5%, surpassing analysts’ expectations.
China’s automotive market has experienced a surge in sales, bolstered by government-subsidised trade-ins, creating a favorable environment for new entrants like Xiaomi. With the YU7 poised for launch next summer, Xiaomi is positioning itself as a formidable contender in the rapidly evolving EV landscape.