- Xiaomi will officially launch the YU7 on Thursday, June 26, with a launch event starting at 7:00 pm that day.
- The YU7 is a competitor to the Tesla Model Y.
Xiaomi (HKG: 1810, OTCMKTS: XIACY) will officially launch the YU7, its highly anticipated first SUV (sport utility vehicle) model, on Thursday, June 26.
Xiaomi EV, the smartphone giant’s electric vehicle (EV) unit, announced the date on Weibo today, stating that a launch event will begin at 7:00 pm on the same day.
The event will also feature the launch of the Xiaomi MIX Flip 2 foldable smartphone and the Xiaomi Pad 7S Pro, which is the second tablet mode equipped with Xiaomi’s in-house developed Xring O1 chip.
Xiaomi will also introduce a “personal smart device for the next generation” at the event, Lei Jun, the company’s founder, chairman, and CEO, said on Weibo today.
Xiaomi debuted the YU7 — a competitor to Tesla’s (NASDAQ: TSLA) Model Y — on May 22, with Lei saying at the time that the SUV would officially launch in July.
On June 16, Lei said the YU7 would be launched by the end of June, earlier than previously mentioned.
The official pricing for the Xiaomi YU7 would only be finalized 1-2 days before its launch, Lei said at an investor conference on June 3.
The starting price of the YU7 will not be just RMB 20,000 ($2,780) higher than the SU7 electric sedan, and it will not be the RMB 235,900 rumored by some, he said.
The SU7, which debuted on March 28, 2024, is Xiaomi’s first EV model, with a starting price of RMB 215,900, positioning it as a competitor to the Tesla Model 3.
Despite being a latecomer to China’s EV industry, Xiaomi has achieved significant success. Customers who have ordered the SU7 are still facing wait times of up to 51 weeks, according to information from the Xiaomi EV App.
The SU7 series delivered over 28,000 units in May, marking the eighth consecutive month with monthly deliveries exceeding 20,000 units.
The YU7 has been well-received since its debut event, even more so than the SU7 sedan when it first debuted, Xiaomi president Lu Weibing said during an earnings call on May 27.
The YU7 has seen higher pre-order inquiries than the SU7 during the same period, Lu noted, adding that as of May 25, the number of users who paid a deposit to reserve the SUV was about three times that of the SU7 during the same period.
($1 = RMB 7.1868)
The Xiaomi YU7 SUV will be launched in July, and surpasses the Tesla Model Y in multiple fronts.
