Chinese automaker increases stakes in competition against Tesla with mega-cheap model: 'To become a serious player in the mass-market EV segment'
According to Reuters, Xiaomi "priced its new electric YU7 SUV from 253,500 yuan ($35,364), almost 4% below Tesla's Model Y."
The details surrounding the new YU7 are already grabbing EV lovers' attention.
In one review of the SUV, the comparison of the YU7 and the 2025 Ferrari Purosangue was highlighted. With the Purosangue starting at just under $430,000, the YU7's affordability is even more impressive and appealing.
Switching to an EV is a great move for those looking to reduce their tailpipe emissions and put an end to the relentless fluid changes of gas-powered cars.
With the electric vehicle market continuing to grow, new models are constantly launching, so your options are broad. Plus, the used EV market also continues to grow.
The Tesla Model Y has been doing well in China recently, but Xiaomi has high hopes for the future of the YU7 SUV.
"Xiaomi's CEO and founder Lei Jun has said he wants the YU7 to challenge the Model Y, and analysts say it has the potential to succeed," Reuters reported.
Rosalie Chen, a senior analyst at Third Bridge, a global research organization, said, "The YU7 will serve as an early test of whether Xiaomi can broaden its appeal beyond early adopters and tech enthusiasts to become a serious player in the mass-market EV segment," as quoted by Reuters.
The YU7 SUV by Xiaomi is officially being sold in China now, with plans to bring the vehicle to the global market by 2027.
Would you buy a $10K car from China?
Definitely
Maybe
No way
I don't need a new car
Click your choice to see results and speak your mind.
Affordable, luxury-looking electric vehicles are just the beginning of ways to save while owning an EV.
Installing solar panels is another great way to save big while driving electric, as fueling with solar energy is cheaper than using public charging stations or relying on the grid. With EnergySage, it's easy to compare quotes from vetted local installers and save up to $10,000 on solar installations.
Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
Volvo Cars pauses sales of some cars in US as tariffs pinch profits
By Marie Mannes STOCKHOLM (Reuters) -Volvo Cars said it has scaled back its U.S. model lineup this year, among the first examples of a major automaker halting U.S. shipments as President Donald Trump's tariffs make it harder to sell a broad range of vehicles profitably. The Swedish carmaker, which is owned by China's Geely Holding, told Reuters this week that it has been pulling sedans and station wagons from its U.S. portfolio as interest has waned. Volvo, which releases quarterly results on Thursday, is one of the most exposed automakers to rising tariffs as the majority of its vehicles are produced in Europe or China. Import duties on vehicles made outside of the United States that were imposed on April 1 have made market conditions more challenging for foreign sellers to the U.S. market. U.S. tariffs of 27.5% on European-made cars and over 100% on Chinese imports have forced automakers to rethink their product strategies, with Aston Martin limiting U.S. exports and Nissan suspending U.S. production of Canadian-bound cars. Industry experts have warned that automakers that cannot absorb the cost of border taxes themselves or pass it on to consumers will simply stop selling those models in the U.S. market. Other industries, such as apparel and toys, are experiencing similar effects. "If you're going to reduce sales to the U.S., then you'd want to eke more value out of the sales that you do," said Andy Leyland, co-founder of supply chain specialists SC Insight. Volvo Cars will now only sell around half of its 13-model global lineup in the U.S. market. Other than its V60 station wagon, it will exclusively sell SUVs in the country. That means that sedans will no longer be sold in the U.S. Production of the S60 at Volvo's South Carolina plant stopped last year, sales of the China-made S90 have been halted and Volvo said on Monday the new ES90 sedan cannot be sold profitably in the country. Globally, it is also dropping one of its last remaining station wagons, the V90, as demand declines. Volvo Cars told Reuters its European-made electric EX40 had also been temporarily halted, but it would resume sales "shortly". The company did not provide a reason. Even Volvo's ambitions for its flagship budget SUV, the EX30 - meant to be a big U.S. seller - have been curtailed. Volvo only offers the pricier dual-motor version at $46,195 to U.S. buyers rather than the cheaper single-motor version, with a promised sticker price of $35,000, similar to Tesla's Model 3. When faced with tariffs, carmakers tend to focus on selling high-margin models, but Andy Palmer, former CEO of Aston Martin, said such a strategy could have mixed results. "Some (customers) will either go to a different company" or be forced to buy a model "they didn't necessarily want or need," Palmer said. Bill Wallace, owner of Wallace Automotive Group that sells Volvos in Florida confirmed shoppers are quick to pick other brands. "At the end of the day, even with a luxury model, they are going to compare their payment with a BMW, Lexus or a similar model ... and if it's a little bit higher ... you're just gonna lose the business," he said. Since 2022, Volvo has been hit by software bugs, supply chain snags, and tariff-related delays that slowed the rollout of its flagship electric EX30 and EX90. By the time deliveries began in 2024, EV demand had cooled, prices had spiked and new tariffs had kicked in. "Customers love them(Volvo), but they are just at the wrong place at the wrong time right now, Wallace said. Although it is produced at Volvo's U.S. factory in South Carolina, the high-end EX90 is hurt by tariffs because most of its components are European-made, which are now subject to 25% tariffs. The EX90 starts at $81,290 but struggled to gain traction with U.S. consumers, with less than 2,000 sold in the first half of 2025. Its South Carolina factory can make up to 150,000 of the cars annually. The company said on Wednesday it would add its popular SUV XC60 hybrid to the factory in 2026. ($1 = 9.7454 Swedish crowns) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
23 minutes ago
- Bloomberg
Rep. Krishnamoorthi On Trump, Nvidia Chips, China
Rep. Raja Krishnamoorthi (D-IL) shares his concerns on Nvidia being able to sell their H20 chips in China stating it's inconsistent with the Trump Administration and discusses what the Administration should do instead to have a good trade deal with China. Rep. Krishnamoorthi speaks with Kailey Leinz and Tyler Kendall on the late edition of Bloomberg's "Balance of Power." (Source: Bloomberg)
Bloomberg
25 minutes ago
- Bloomberg
Hong Kong's $25 Billion Debt Woe Sparks Talks on ‘Bad Bank'
The pile of soured debt at Hong Kong lenders has grown so large that some in the industry have discussed the creation of a 'bad bank' to soak up the financial hub's non-performing loans. The talks between some of the city's biggest banks, described by people familiar with the matter, have been preliminary in nature and lenders would face significant hurdles before putting the idea into action.
