- Xiaomi's Lei Jun said the YU7 GT is designed for the elites of the era.
- The high-performance EV, officially launching on May 21, marks a crucial step in Xiaomi's push into the higher-premium market.
Xiaomi (HKEX: 1810) founder, chairman, and CEO Lei Jun said the company's upcoming YU7 GT will be "a bit expensive," seeking to manage price expectations just one day before the SUV (sport utility vehicle) hits the market.
The billionaire entrepreneur said in a video posted on Weibo on Wednesday that the high-performance EV is designed for the elites of the era.
"As a sports SUV suitable for long-distance travel, the YU7 GT is also designed for more of the era's elites," Lei said.
"They could be mid-to-senior level executives in tech companies, or high-end driving enthusiasts. They have great taste and pursue an advanced lifestyle."
Lei said that the YU7 GT boasts over 1,000 metric horsepower (Ps), a top speed of 300 kilometers per hour, and a CLTC range of 705 kilometers.
The model also features various luxury and safety configurations. "I believe everyone has expectations for its pricing," he added.
Lei's remarks come ahead of the highly anticipated pure-blood GT model's launch in the Chinese market during an event starting at 7 pm on May 21. The vehicle's price will be announced then.
The 990-horsepower (hp) high-performance model is expected to be priced around 400,000 yuan ($58,720), significantly higher than the regular YU7 model launched in June last year, which had a starting price set at 253,500 yuan.
This is seen as a crucial step in the smartphone maker's foray into the higher-premium automotive market.
To justify its hefty price tag, the Xiaomi YU7 GT is equipped with the new-generation V8s EVO motor, with its maximum speed boosted to 28,000 revolutions per minute (rpm).
Just a day before Lei's comments, Xiaomi's EV unit, Xiaomi EV, announced that the YU7 GT had set a new lap record at the Nürburgring Nordschleife in Germany.
Driven by Xiaomi's chief test driver, the test vehicle completed the lap in 7 minutes and 34.931 seconds, surpassing the previous historical record held by the Audi RS Q8.
Currently, Xiaomi has deployed static exterior display vehicles of the new model across 268 stores in 82 cities in China.
The Beijing-based company delivered 36,702 vehicles in April, representing a 28.40% increase compared to the same period last year.
($1 = 6.8119 yuan)
