Xiaomi will launch a second EV, its first SUV, as early as next February or March, company sources told Chinese media outlet Caijing on Thursday. The crossover, pitted directlu against Tesla’s Model Y, is codenamed MX11, and will use the same vehicle platform as the company’s first consumer car, the SU7 sedan. Xiaomi’s SUV may be priced much lower than Tesla’s China-made SUVs which go for upwards of RMB 249,900 ($34,486), given Xiaomi’s history of implementing aggressive pricing strategies, the report said. The news comes as Xiaomi’s chief executive Lei Jun announced on Monday that the company had achieved its annual goal of delivering 100,000 SU7 sedans ahead of schedule and now aims to deliver 30,000 more units in the last days of this year. On the same day, the Chinese smartphone giant reported better-than-expected third-quarter revenue and profit, with the EV business accounting for more than 10% of its total revenue of RMB 92.5 billion ($12.77 billion). [Caijing, in Chinese]
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