Latest news with #TianMaowei
South China Morning Post
27-06-2025
- Automotive
- South China Morning Post
Xiaomi's SU7 SUV a hit with mainland Chinese motorists as bookings reach 240,000
Chinese smartphone and electric-vehicle (EV) maker Xiaomi has been flooded with orders for its YU7 SUV, with analysts saying the car could challenge the dominance of the Tesla Model Y , the bestselling SUV on the mainland. Advertisement The company said that it received 200,000 pre-orders for the YU7 in just three minutes after bookings opened at 10pm on Thursday, with the number rising to 240,000 by 4pm on Friday. The 240,000 bookings for the YU7, priced from 253,500 yuan (US$35,366) to 329,900 yuan, are categorised as 'locked-in' orders because a deposit of 5,000 yuan cannot be refunded even if the buyer reneges on the agreement. Such frenzy over a new EV is unprecedented in China, where monthly sales of 10,000 units for a single model are typically considered a success. The basic edition of the YU7 has a driving range of 835km. Photo: Weibo 'The sales volume the YU7 recorded in only three minutes exceeds the annual deliveries of dozens of electric-car assemblers,' said Tian Maowei, a sales manager at Yiyou Auto Service in Shanghai. 'The SUV did pose a real challenge to Model Y, meeting the market expectations even before its official launch.' Advertisement The Shanghai Gigafactory-made Model Y, with annual deliveries of more than 480,000 units on the mainland, topped all other SUVs – including petrol-powered cars – last year, according to the China Passenger Car Association.
The Star
25-05-2025
- Automotive
- The Star
Xiaomi's YU7 SUV aims to dislodge Tesla's bestselling Model Y from pole position
Tesla's bestselling Model Y faces yet another challenger on the mainland after Xiaomi unveiled the YU7 electric SUV amid much hoopla surrounding its launch over the past two months. The smartphone maker's much-anticipated vehicle, featuring a preliminary self-driving system, large multimedia screen and high-performance battery, is seen as a game changer in the premium electric vehicle (EV) segment, where Tesla's overwhelming advantage has been quickly dwindling. 'Some netizens mentioned that this car will be sold for 199,000 yuan [US$27,621], which is impossible,' Xiaomi CEO Lei Jun said at a launch event in Beijing on Thursday. 'Considering its configuration, which is comparable to the Model Y, it should be worth at least 300,000 yuan.' Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The YU7's debut comes a year after Xiaomi unveiled its first EV – the SU7 sedan – which has been outselling the Tesla Model 3 on the mainland since December. Xiaomi said the YU7 would hit the market in July. Prices of the car, whose basic edition has a driving range of 835km, have yet to be announced. In January, Xiaomi said on its Weibo social media account that it had full confidence the YU7 would beat the Model Y when Tesla began taking orders for the fully revamped SUV. The upgraded Model Y, with a driving range of 593km, starts at 263,500 yuan. 'Xiaomi's first model successfully redrew the EV landscape [in China], and it has become a new Tesla challenger in China because consumers were attracted by the car's design and technology,' said Tian Maowei, a sales manager at Yiyou Auto Service in Shanghai. 'Initial reactions from middle-income consumers showed that the YU7 would also receive thousands of orders once presale starts.' Analysts and consumers had expected Xiaomi to launch the YU7 at the Shanghai Auto Show in late April, but sales executives told the Post during the event that the carmaker would unveil the new model in May. They added that buyers would have to wait for several months before the new car is delivered due to a production shortage. Tesla, with its Model 3 and Model Y vehicles assembled at the Shanghai Gigafactory, has been the front-runner in the mainland's premium EV segment since 2020, but the US carmaker has been losing market share to local rivals led by BYD, the world's largest EV builder, and Xiaomi since 2024. Last month, sales of the Model 3 on the mainland fell 66.3 per cent to reported sales of 8,747 units from March, while Xiaomi delivered more than 28,000 SU7s in April. The Model Y outsold all other SUVs, including petrol-powered rivals, on the mainland in 2024, according to the China Passenger Car Association. Tesla delivered more than 480,000 Model Ys in China last year, up 5.2 per cent from 2023. Mainland EV makers have developed and built dozens of electric SUVs, from Zeekr's 7X to Nio's Onvo L60, trying to lure more customers away from the Model Y, but not a single model has posed a real threat to it. The Gigafactory's first-quarter deliveries – comprising sales to local customers and exports – hit the lowest level in three years, slumping 22 per cent from the same period in 2024 to 172,754 units. More from South China Morning Post: For the latest news from the South China Morning Post download our mobile app. Copyright 2025.
Yahoo
08-02-2025
- Automotive
- Yahoo
Geely, Xpeng EV models threaten market leaders with cheaper, more intelligent cars
Two electric vehicle (EV) models targeting middle-income consumers in mainland China with lower prices have emerged as Tesla's strongest rivals, as buyers become more budget-conscious. "Young, middle-income consumers favour electric cars with smart features like autonomous driving systems and voice-activated control technology, but they normally choose the cheapest models due to concerns about the economic outlook and their own job prospects," said Eric Han, a senior manager at Suolei, an advisory firm in Shanghai. "Cars [like] Galaxy and Mona are deemed value-for-money vehicles with performance on par with some premium models." Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The Mona 03, a midsize, fully electric sedan priced at 119,800 yuan to 159,800 yuan - which hit the mainland market in August - reported deliveries of more than 15,000 units in January. The entire mainland EV market reported sales of about 900,000 units in January, up 31 per cent from a year earlier, according to the China Passenger Car Association (CPCA). The Mona 03, equipped with an advanced driving-assistance system, has a range of at least 515km. It is seen by many young drivers as an equal to Tesla's Shanghai-made Model 3, which has a price tag of 227,500 yuan for its basic edition. "It saves a buyer half of the cost if he chooses to own a Mona 03 rather than a Model 3 while the two cars are nearly tied in terms of size, driving range and [intelligence level]," said Tian Maowei, a sales manager at Yiyou Auto Service in Shanghai. "We see a trend that customers opt for the cheapest brand and model since they are worried about job security and potential pay cuts [because] they expect economic turbulence ahead." The Galaxy, Geely's mass-market EV brand, sold 93,545 units last month, up 130 per cent from a year earlier. Galaxy sedans and sport-utility vehicles (SUVs) are priced at about 150,000 yuan and they lured thousands of buyers away from Tesla's Model 3 and Model Y vehicles last month, Tian said. In a research note, China International Capital Corporation said Galaxy's rising popularity on the mainland would boost its share price by 5 per cent. On Friday, Geely Auto's Hong Kong-listed shares jumped 8 per cent to HK$17.72. It also offered a five-year, interest-free loan to eligible customers, which amounted to 20,000 yuan in savings. Tesla has yet to offer incentives for buyers of its Model Y SUV, which starts at 263,500 yuan. China is the world's largest automotive market and its sales of pure electric and plug-in hybrids account for about 60 per cent of the global total. Nationwide, the EV penetration rate surpassed 50 per cent in July. At present, BYD dominates the mainland's mass market while Tesla is the front-runner in the premium segment. Steep discounts by car manufacturers have persisted for the past two years, despite calls by industry leaders to curb price competition. Producers cut prices on 195 models - including petrol-powered, pure electric and hybrids - from January to November last year, up from 150 models in 2023, the CPCA said. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved. Sign in to access your portfolio
Yahoo
08-02-2025
- Automotive
- Yahoo
Geely, Xpeng EV models threaten market leaders with cheaper, more intelligent cars
Two electric vehicle (EV) models targeting middle-income consumers in mainland China with lower prices have emerged as Tesla's strongest rivals, as buyers become more budget-conscious. "Young, middle-income consumers favour electric cars with smart features like autonomous driving systems and voice-activated control technology, but they normally choose the cheapest models due to concerns about the economic outlook and their own job prospects," said Eric Han, a senior manager at Suolei, an advisory firm in Shanghai. "Cars [like] Galaxy and Mona are deemed value-for-money vehicles with performance on par with some premium models." Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. The Mona 03, a midsize, fully electric sedan priced at 119,800 yuan to 159,800 yuan - which hit the mainland market in August - reported deliveries of more than 15,000 units in January. The entire mainland EV market reported sales of about 900,000 units in January, up 31 per cent from a year earlier, according to the China Passenger Car Association (CPCA). The Mona 03, equipped with an advanced driving-assistance system, has a range of at least 515km. It is seen by many young drivers as an equal to Tesla's Shanghai-made Model 3, which has a price tag of 227,500 yuan for its basic edition. "It saves a buyer half of the cost if he chooses to own a Mona 03 rather than a Model 3 while the two cars are nearly tied in terms of size, driving range and [intelligence level]," said Tian Maowei, a sales manager at Yiyou Auto Service in Shanghai. "We see a trend that customers opt for the cheapest brand and model since they are worried about job security and potential pay cuts [because] they expect economic turbulence ahead." The Galaxy, Geely's mass-market EV brand, sold 93,545 units last month, up 130 per cent from a year earlier. Galaxy sedans and sport-utility vehicles (SUVs) are priced at about 150,000 yuan and they lured thousands of buyers away from Tesla's Model 3 and Model Y vehicles last month, Tian said. In a research note, China International Capital Corporation said Galaxy's rising popularity on the mainland would boost its share price by 5 per cent. On Friday, Geely Auto's Hong Kong-listed shares jumped 8 per cent to HK$17.72. It also offered a five-year, interest-free loan to eligible customers, which amounted to 20,000 yuan in savings. Tesla has yet to offer incentives for buyers of its Model Y SUV, which starts at 263,500 yuan. China is the world's largest automotive market and its sales of pure electric and plug-in hybrids account for about 60 per cent of the global total. Nationwide, the EV penetration rate surpassed 50 per cent in July. At present, BYD dominates the mainland's mass market while Tesla is the front-runner in the premium segment. Steep discounts by car manufacturers have persisted for the past two years, despite calls by industry leaders to curb price competition. Producers cut prices on 195 models - including petrol-powered, pure electric and hybrids - from January to November last year, up from 150 models in 2023, the CPCA said. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.
South China Morning Post
08-02-2025
- Automotive
- South China Morning Post
Geely, Xpeng EV models threaten market leaders with cheaper, more intelligent cars
Two electric vehicle (EV) models targeting middle-income consumers in mainland China with lower prices have emerged as Tesla's strongest rivals, as buyers become more budget-conscious. Advertisement Galaxy from Geely Auto and Xpeng's Mona 03, which are priced at about 150,000 yuan (US$20,580), threaten to disrupt the pecking order in China's EV sector. 'Young, middle-income consumers favour electric cars with smart features like autonomous driving systems and voice-activated control technology, but they normally choose the cheapest models due to concerns about the economic outlook and their own job prospects,' said Eric Han, a senior manager at Suolei, an advisory firm in Shanghai. 'Cars [like] Galaxy and Mona are deemed value-for-money vehicles with performance on par with some premium models.' The Mona 03, a midsize, fully electric sedan priced at 119,800 yuan to 159,800 yuan – which hit the mainland market in August – reported deliveries of more than 15,000 units in January. The entire mainland EV market reported sales of about 900,000 units in January, up 31 per cent from a year earlier, according to the China Passenger Car Association (CPCA). Advertisement The Mona 03, equipped with an advanced driving-assistance system, has a range of at least 515km. It is seen by many young drivers as an equal to Tesla's Shanghai-made Model 3, which has a price tag of 227,500 yuan for its basic edition. 'It saves a buyer half of the cost if he chooses to own a Mona 03 rather than a Model 3 while the two cars are nearly tied in terms of size, driving range and [intelligence level],' said Tian Maowei, a sales manager at Yiyou Auto Service in Shanghai. 'We see a trend that customers opt for the cheapest brand and model since they are worried about job security and potential pay cuts [because] they expect economic turbulence ahead.'
