- The starting price of the YU7 will not be just RMB 20,000 higher than the SU7 electric sedan, Lei Jun said.
- Xiaomi's automotive chip is currently under development and is expected to be released soon.
Xiaomi (HKG: 1810, OTCMKTS: XIACY) will only finalize the official pricing for its first SUV model, the YU7, 1-2 days before its launch, said Lei Jun, the founder, chairman, and CEO of the smartphone giant, at today's investor conference.
The starting price of the YU7 will not be just RMB 20,000 higher than the SU7 electric sedan, and it will not be the RMB 235,900 ($32,820) rumored by some, he said.
The SU7 was launched on March 28, 2024, with a starting price of RMB 215,900.
Xiaomi debuted the YU7 on May 22, with the official launch scheduled for July. Pricing details have not yet been disclosed.
The SUV's show cars became available in Beijing on May 29 and will be available in 92 cities by the end of this month, Xiaomi announced last month.
Xiaomi's automotive chip is currently under development and is expected to be released soon, Lei said today. He did not specify whether the chip is for autonomous driving or the vehicle's infotainment system.
At the May 22 launch event, Xiaomi unveiled its first smartphone SoC (system on a chip), the Xring O1, and launched several mobile devices based on the chip.
Xiaomi is poised to become another company to launch its own automotive chip in China.
Nio (NYSE: NIO) has already launched its in-house developed Shenji NX9031 autonomous driving chip, which is used in its flagship sedan ET9, as well as the updated ES6 SUV (sport utility vehicle), EC6 coupe SUV, ET5 sedan, and ET5T wagon.
Xpeng (NYSE: XPEV) has also previously announced its in-house developed Turing AI chip, which will be used in Xpeng's EVs, robots, and flying cars.
At today's investor day event, Lei also said that Xiaomi's EV business is expected to turn profitable in the second half of 2025.
($1 = RMB 7.1875)
