Xiaomi founder and Chief Executive Lei Jun said the company’s upcoming YU7 GT electric SUV will be “a bit expensive,” as he sought to temper market expectations ahead of the vehicle’s official launch on May 21.
In a video published on Chinese social media platform Weibo on Wednesday, Lei described the high-performance electric SUV as a product aimed at affluent consumers and driving enthusiasts.
“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 the YU7 GT delivers more than 1,000 metric horsepower, a top speed of 300 kilometers per hour, and a CLTC driving range of 705 kilometers.
The executive also highlighted the vehicle’s premium safety and luxury features.
“I believe everyone has expectations for its pricing,” he added.
The comments came one day before Xiaomi is scheduled to unveil the YU7 GT during an event beginning at 7 p.m. on May 21, where the company is expected to announce official pricing for the model.
The 990-horsepower performance SUV is widely expected to carry a price tag of around 400,000 yuan ($58,720), substantially above the standard YU7 model launched in June last year with a starting price of 253,500 yuan.
The launch represents another step in Xiaomi’s push into China’s higher-end electric vehicle segment, as the smartphone maker continues expanding its automotive ambitions.
To support the expected premium pricing, the YU7 GT is equipped with Xiaomi’s new V8s EVO electric motor, capable of reaching rotational speeds of up to 28,000 rpm.
Earlier this week, Xiaomi EV said the YU7 GT had set a new lap record at the Nürburgring Nordschleife in Germany.
Driven by Xiaomi’s chief test driver, the vehicle completed the circuit in 7 minutes and 34.931 seconds, surpassing the previous benchmark set by the Audi RS Q8.
