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There are several very exciting electric vehicle startups in China. Naturally, BYD is king of the hill and will remain there for a long time, but several others are doing exceptionally well if we compare them to automakers elsewhere. But Xiaomi is really different. As the second-largest smartphone producer in the world, Xiaomi has rapidly shot up the EV sales charts. It’s similar to what many of us assumed would happen when Apple was working on a car (a very long-term project that seems to finally be completely over).
You can read background on Xiaomi’s stunning rise here. (I recommend it.) But we’ve got some updates now, too. First of all, the company recently raised its 2024 sales target for the third time … after launching into EV sales in March. Xiaomi plans to sell 130,000 vehicles this year. 130,000 vehicles in its first year on the market, or just first 10 months even. That’s stunning.
Secondly, the company has announced its next model, the YU7. The YU7 will be Xiaomi’s first SUV. Its first (only current) model is the SU7, and the two models rhyme when it comes to style as well. The YU7 is expected to hit the market in June or July 2025. The SU7 comes in at a starting price below $30,000. Presumably, the YU7 will also be a semi-affordable EV for the masses, just a bit larger and a little bit more expensive.
Without a doubt, the Yu7 will be a hot commodity and will quickly find itself among the top EV sellers in Europe, and the world.
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