Xiaomi to launch new electric SUV in summer of 2025
Date
12/11/2024 2:38:01 AM
(MENAFN) Xiaomi is set to launch a new electric SUV, the YU7, in the summer of 2025, as the company intensifies its efforts to compete with industry giants like Tesla and BYD in the global electric vehicle market. The announcement was made by Xiaomi founder Lei Jun through a post on Weibo, revealing the YU7 as a model similar to those produced by Tesla.
The YU7 will be a fully electric SUV, measuring 5 meters in length. It will be powered by a nickel-cobalt-manganese battery, which will be supplied by Contemporary Amperex Technology, a major Chinese battery manufacturer. The vehicle's motor will have a peak output ranging from 220 kilowatts to 288 kilowatts, according to the Chinese Ministry of Industry and Information Technology.
Following the announcement, Xiaomi’s stock rose by approximately 3.9% in Hong Kong, although gains were later trimmed. The company’s stock has surged more than 90% since the debut of its first electric car, the SU7, in March, signaling growing investor confidence in Xiaomi’s push into the electric vehicle market.
The YU7’s launch will mark a significant expansion of Xiaomi’s $10 billion electric vehicle initiative, which is personally led by Lei Jun. The company is looking to reduce its dependence on the volatile smartphone market, which is dominated globally by Apple, while entering the increasingly competitive electric vehicle sector. This move follows Apple’s decision to abandon its long-running electric vehicle project after struggling to adapt its technology to the automotive industry.
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