Novelties

EV price dumping is a thing of the past, says Xiaomi CEO

Back when it was only entering the automotive market a year ago, Xiaomi chose an overly aggressive pricing strategy to push back its opponents.

The surprise statement comes from Lei Jun, the CEO of the company, who said the budding automaker had to dump its SU7 supercars in order to gain a short-term advantage. He added that the next production model – a crossover called the YU7 – would be “adequately” (read: higher) priced.

The media in China speculate that the YU7 will go on sale priced from 236,000 Chinese Yuan. If these rumors are true, then it won’t really land in a different price point from the SU7 sedan, which starts from 216,000 CNY.

Editor: Andrew Raspopov

June 9, 2025