Xiaomi Corp’s Hong Kong-listed shares (1810.HK) opened 8% higher on Friday after the company launched its new electric YU7 SUV on Thursday. The shares had risen about 5% in early trading. The YU7 SUV is priced at 253,500 yuan ($35,364), nearly 4% lower than Tesla’s Model Y. Xiaomi, known for both electric vehicles and smartphones, entered the competitive EV market with this new model.
This development comes as Chinese automakers continue to make significant moves in the electric vehicle market. The pricing strategy appears to be competitive, positioning the YU7 SUV against established players like Tesla.
