Following news earlier this year that it was working on a second flagship model, an SUV, to compete against the Tesla Model Y, Xiaomi has finally unveiled it and shared it will be called the YU7; have a look.
To think, Xiaomi’s EV manufacturing division didn’t even exist three years ago, and it has already developed, scaled, and delivered a sleek electric sedan called the SU7 and is following up with a 1,548-hp version called the SU7 Ultra.
Xiaomi’s new YU7 SUV to launch in June or July 2025
At its current expansion rate, it’s hard to believe Xiaomi isn’t exploring expansion to other markets.
According to Xiaomi’s latest financial reports the company’s total debt is $4.72 Billion USD . A company’s total debt is the sum of all current and non-current debts.
Less than $1 b in profits.
Xiaomi reported an adjusted net profit of RMB 6.3 billion in the third quarter, up 4.4 percent year-on-year, and had an adjusted net loss of RMB 1.5 billion from its innovative businesses, including its EV business. The company’s cost of sales in the third quarter for its innovative business was RMB 8 billion.
This year, China’s economy continues to slow down. Measures of factory output, consumption, and investment all slowed more than expected. The unemployment rate rose to a six-month high in August, at 5.3 percent, and the urban youth unemployment rate rose to 17 one – 17.1 percent in July, up from 13 percent in June.Sep 18, 2024
Indeed, the evidence shows that large-scale tariffs result in significant declines in domestic output and productivity, higher unemployment, more inequality and real exchange rate appreciation implying a loss of international competitiveness, while having only small effects on the trade balance.