Tesla stock (TSLA) is down to start the week, with news out of China perhaps weighing on the stock.
Xiaomi (XIACY) said on its Weibo account that it will officially unveil its YU7 this week, a midsize crossover EV that will go head to head with Tesla’s Model Y.
The Chinese device and upstart EV maker said the YU7 will be revealed at Xiaomi’s strategic new product launch event happening on Thursday, May 22; a render of the EV was shown late last year. Chinese EV blog CnEVPost was the first to spot the post.
Xiaomi’s SU7 EV sedan has been a huge hit with its domestic audience: The Porsche (P911.DE) Taycan/McLaren supercar-inspired design selling 135,000 units in 2024, with expectations for sales to more than double in 2025. Xiaomi did not reveal any sales expectations for the YU7 or when it was expected in showrooms.
The SU7, with its striking looks and tech-forward interior powered by a version of Android called HyperOS, has clearly been a hit with Chinese consumers who see their cars as extensions of their digital devices. Expectations are for the YU7 to follow a similar path to success.
Tesla stock slipped in early trade, down 3%. News of a rival competitor in one of Tesla’s biggest markets certainly isn’t helping the stock, though the tech sector in the US is also trading lower on economic and debt concerns.
