China's Xiaomi undercuts Tesla with yet another cheaper car

BEIJING — Chinese smartphone institution Xiaomi is taking purpose consecutive astatine rival Tesla with a caller electrical SUV.

Xiaomi's luxury YU7 SUV volition commencement astatine 253,500 yuan ($35,322), CEO Lei Jun said Thursday, pointing retired that the conveyance is 10,000 yuan cheaper than Tesla's Model Y, which starts astatine 263,500 yuan successful China.

Prior to the authoritative terms announcement, a Citi report had listed expectations that the YU7 SUV would beryllium priced astir 250,000 yuan to 320,000 yuan ($34,800 to $44,590), forecasting monthly income of astir 30,000 units. Once the gait picks up, Citi predicts yearly income of 300,000 to 360,000 units.

Xiaomi's company's SU7 sedan launched past twelvemonth was besides priced beneath Tesla's Model 3.

Lei connected Thursday claimed the YU7 bushed Tesla's Model Y connected a scope of metrics, but inactive came abbreviated connected operator assist. The YU7 comes with driver-assist software, the astir precocious mentation of which is powered by Nvidia's Thor chip. Pre-sales commencement astatine 10 p.m. connected Thursday, with deliveries expected wrong 1 to 5 weeks.

Xiaomi had initially said it would motorboat its YU7 successful July. The earlier lawsuit takes spot amid an intensifying electrical car terms war.

Xiaomi revealed its YU7 SUV successful precocious May, little than a twelvemonth aft launching its archetypal electrical car, and claimed the conveyance would person a driving scope of astatine slightest 760 kilometers (472 miles) connected a azygous charge.

That's good supra the 719 kilometers advertised for Tesla's extended-range Model Y. Driving scope has been a selling constituent for consumers disquieted astir predominant artillery charging.

While Xiaomi has not promoted its artificial quality arsenic overmuch arsenic different user brands, Thursday's motorboat lawsuit showcased respective AI car features, specified arsenic allowing drivers to alteration a opus utilizing manus motions, oregon inquire a telephone app to picture wherever the car is parked.

The YU7 besides supports Apple Car Play and Apple Music, Lei said.

The Chinese smartphone and location appliance institution launched respective different products connected Thursday, including highly-anticipated artificial intelligence-connected glasses.

The AI glasses, which rival Meta's Ray Bans astute offering, tin alteration the tint of the lenses and scan a QR codification to marque payments, mimicking China's mobile smartphone apps. Xiaomi besides announced akin features to those of the Meta glasses, specified arsenic being capable to instrumentality photos and videos, arsenic good arsenic usage interactive AI to place a angiosperm oregon construe text.

Xiaomi's AI glasses commencement astatine 1,999 yuan ($279). A Xiaomi spokesperson said determination were presently nary plans to merchantability the glasses overseas. Meta's mentation isn't officially sold successful China.