China’s Xiaomi to launch new SUV subsequent summer season amid rising calls for

BEIJING (Reuters) – Chinese language electronics maker Xiaomi (OTC:XIACF) mentioned on Monday that it expects to launch its first SUV, the YU7, subsequent June or July because it ventures deeper into China’s aggressive auto market.

The corporate introduced the launch on China’s social media platform Weibo (NASDAQ:WB) alongside a picture of the YU7 parked beside its first electrical car, the SU7 sedan, with the 2 vehicles sporting comparable designs.

Info posted by China’s Ministry of Business and Info Know-how confirmed the YU7 is a pure electrical SUV boasting a prime velocity of 253 km (157 miles) per hour.

The automobile shall be powered by batteries produced by a unit of China’s CATL.

Xiaomi CEO Lei Jun mentioned on his Weibo account that the important thing specs for the YU7 had been disclosed early to permit “extra complete and intensive large-scale testing” over an prolonged interval.

Final month, Xiaomi raised its EV supply goal for the third time to 130,000 items this yr to satisfy surging demand.

The smartphone and digital machine maker entered China’s crowded EV market in March with the launch of the SU7 sequence, a Porsche lookalike with a beginning worth of lower than $30,000.

In October, the corporate unveiled a luxurious variant of the SU7, priced to rival Tesla (NASDAQ:TSLA)’s Mannequin S Plaid, whereas touting its efficiency with a document lap time at Germany’s grueling Nurburgring monitor.

Xiaomi reported a 30.5% leap in its third-quarter income this yr, surpassing analysts’ estimate.

China’s automobile gross sales grew at its quickest tempo since January final month, boosted by government-subsidised auto trade-ins.