China's Xiaomi founder expects new electric SUV to hit market in July

Xiaomi's new electric SUV, the YU7, is expected to enter the market in July, founder and CEO Lei Jun said in a Weibo post on Thursday.

The world's third-largest smartphone maker will launch its second EV model later on Thursday.

Xiaomi will not disclose the official prices for the YU7, nor commence taking pre-orders for the new car at the pre-launch event, Lei said in the post.


The company will also unveil its self-developed XringO1 advanced mobile chip, new flagship smartphone and other products.

The new SUV is being positioned as a key competitor to Tesla's best-selling Model Y. The redesigned Model Y, launched earlier this year, is priced from 263,500 yuan ($36,579) in China.