Electric cars are getting a boost from a new player: Xiaomi. The Chinese company just showed off its latest model, the YU7 SUV. This car can go up to 760 km on a single charge. That’s a big deal, since people care a lot about how far their electric cars can go.
The YU7 is a problem for Tesla, which has been doing well in China. Tesla’s Model Y can only go 719 km. That 41 km difference could be a big selling point for the YU7.
Jeff Chung, an analyst, thinks the YU7 will hurt Tesla’s sales in China. He says it will cost between 250,000 and 320,000 yuan (about 30,500 to 39,000 euros). That’s similar to the Tesla Model Y, which starts at 263,500 yuan (about 32,000 euros).
Xiaomi’s Electric SUV Could Be a Hit
The YU7 is expected to sell well. Analysts think it will sell around 30,000 units per month. By the end of the year, that could add up to 300,000 to 360,000 units.
Xiaomi hasn’t announced the official price yet, but it’s expected to be competitive with the Tesla Model Y. The YU7 is also expected to be a “luxury SUV.” That means it could appeal to people who want a high-end electric car.
In China, the Tesla Model Y was the second-best-selling new energy vehicle in the first six months of the year. The BYD Seagull was number one, and the Wuling Hongguang Mini was third.
But in April, the Geely Geome Xingyuan was the top-selling vehicle. The BYD Seagull was second, and the Wuling Hongguang Mini was third. The Xiaomi YU7 was fourth, followed by three BYD models. The Tesla Model Y was eighth.
Elinor Leung, a director at CLSA, thinks the YU7 could sell even more than the Xiaomi SU7. That would be a big win for Xiaomi in the electric car market.
How It Stacks Up
Here’s a rundown of the key specs:
- Range: up to 760 km
- Price: expected to be between 250,000 and 320,000 yuan (about 30,500 to 39,000 euros)
- Monthly sales: expected to be around 30,000 units
- Annual sales: expected to be between 300,000 and 360,000 units
The YU7 is an exciting new entry in the electric car market. With its long range and competitive price, it could give Tesla a run for its money.