Chinese electric automaker Xiaomi is apparently gearing up to introduce its inaugural electric SUV offering in late 2024 to take on the popular Tesla Model Y, Blue Whale Finance reports, citing industry insiders.
Xiaomi to launch its first electric SUV in Q4 2024
According to the report, Xiaomi plans to debut its new electric SUV in the fourth quarter of 2024. It will apparently arrive as a mid-to-large SUV with battery-electric and electric range extended vehicle (EREV) powertrain variants.
The news comes just a few days after the Chinese startup launched its first-ever electric vehicle model, the SU7 sedan, on March 28. However, Xiaomi has yet to confirm the report and release more details about the potential electric SU7 debut later this year.
Xiaomi SU7 electric sedan’s market entry
Xiaomi held a live launch event for its all-new SU7 electric sedan at a venue in Beijing near its factory on Thursday.
Chief Executive Lei Jun took the opportunity to ensure that customers will clearly get Xiaomi’s message with the launch of the SU7: “Isn’t it time for Tesla Model 3 users to upgrade?”
The Xiaomi SU7 starts at only 215,900 yuan ($29,900). It undercuts the world’s top-selling vehicle, the Tesla Model Y, by 30,000 yuan ($4,100).
For comparison, the entry-level Xiaomi SU7 boasts a CLTC-rated driving range of 700 km with a 73.6 kWh LFP blade battery from BYD. Meanwhile, the Tesla Model 3 delivers a 606 km driving range under CLTC conditions using CATL’s 60 kWh battery.
Impressively, the Xiaomi SU7 already secured 50,000 firm orders in just the first 27 minutes upon launch.
Xiaomi’s smart strategy
Unlike most electric vehicle startups that entered the market with SUV models first, Xiaomi decided to initially pursue a sedan. This move stimulated some debate in the industry over the past few months ahead of the SU7’s launch in China.
CEO Lei Jun explained in a Weibo video on March 24 that cars are for driving and sedans offer a better driving experience than SUVs. He further noted that sedans are more ideal option for one person to drive daily.
The Xiaomi boss contended that the sedan market remains very large, posing a huge potential for the segment. Despite this, CEO Jun pointed out that the market currently lacks competitive pure electric sedan options aside from market leaders like the Tesla Model 3 and S.
CEO Lei Jun’s remarks about all-electric sedans’ competence are very impactful, considering that he was one of the early owners of the Tesla Model S in China.
