On Thursday, Xiaomi, the Chinese maker of EVs and smartphones, announced that its new electric YU7 SUV will start at 253,500 yuan ($35,364), which is nearly 4% less than Tesla’s Model Y, intensifying the competition against the U.S. company in the biggest auto market globally.
The base model of the YU7 is 10,000 yuan cheaper than the entry price of Tesla’s Model Y in China. The higher-end versions, YU7 Pro and YU7 Max, are priced at 279,900 and 329,900 yuan, respectively.
Xiaomi started to take orders for all 3 models on Thursday night, and within just 3 minutes of the sale starting at 10 p.m. (1400 GMT), they received 200,000 orders.
The Model Y was the top-selling SUV in China for May, with a starting price of 263,500 yuan.
Xiaomi announced a collaboration with BYD, GAC Toyota, and Zhengzhou Nissan to create a system that links people, homes, and vehicles.
Xiaomi’s CEO and founder, Lei Jun, expressed his ambition for the YU7 to compete with the Model Y, and experts believe it could be successful. Other competitors in the market are Zeekr’s 7X and Li Auto’s L6.
The YU7 boasts a driving range of up to 835 km (519 miles) on a single charge, while the revamped Model Y, which debuted in January, offers a range of up to 719 km.
This YU7 marks Xiaomi’s second vehicle since the Beijing-based company stepped into the automotive world last year with its sporty electric SU7 sedan, which took design inspiration from Porsche and came in at a price lower than Tesla’s Model 3. Since December, the SU7 has consistently outsold Tesla’s Model 3 in China each month.
The SU7’s success speeds up the company’s push into EVs, even with tough competition in China’s auto market.
In March, Xiaomi increased its EV delivery target for this year to 350,000,up from the previous estimate of 300,000.
The company has purchased a piece of land in Beijing near its current car factory for 635 million yuan ($88 million), which it intends to use for a smart connected car and components initiative.
Lei mentioned in June that he anticipated Xiaomi’s auto division would start making a profit in the latter half of the year.
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