Xiaomi, a Chinese tech giant, is set to launch its new electric sport utility vehicle (SUV), the YU7, this week. This move comes after the success of their SU7 sedan, which has been outselling Tesla’s Model 3 since its entry into the electric vehicle market in December 2024.
Despite the initial success of the SU7 sedan, Xiaomi faced a setback in March due to a fatal accident involving one of their vehicles. However, the company remains committed to the EV market and is now gearing up for the launch of their new SUV model.
Xiaomi’s founder and CEO, Lei Jun, announced that the YU7 will be unveiled at the upcoming event, marking a significant milestone for the company known for its smartphones and smart gadgets. The launch event will also showcase the Xring O1 mobile chip and the new Xiaomi 15S Pro smartphone.
In a strategic move, Xiaomi has invested 13.50 billion yuan ($1.87 billion) in the development of their advanced mobile chip, the Xring O1. With plans to invest an additional 50 billion yuan in chip design over the next decade, Xiaomi aims to establish itself as a key player in the integrated technology ecosystem, competing with industry giants like Huawei and Apple.
A Xiaomi representative confirmed to Reuters that the 50 billion yuan investment will kick off in 2025. Lei Jun emphasized Xiaomi’s long-standing ambition in the chip industry, stating, “We will definitely go all out” to achieve their chip dream and solidify their position as a leading technology company.
In March, Xiaomi raised $5.5 billion through the sale and issuance of 800 million shares, further fueling their expansion and innovation efforts. The company’s foray into electric vehicles and chip design reflects their broader vision to diversify and excel in multiple technology sectors.
As Xiaomi prepares to introduce the YU7 SUV and showcase their latest technological advancements, the company’s relentless pursuit of excellence and innovation continues to drive their success in the competitive tech landscape.
