NEWS: EV newcomer Xiaomi is already developing a second model to compete with the $TSLA Model Y
• Xiaomi is deep into the development of its second EV, a compact SUV, similar to the Tesla Model Y. It is expected to start production by late 2025.
• Their first EV model, the SU7 sedan, gained significant popularity, with over 50,000 orders in its first 27 minutes of sale in China.
• Xiaomi plans to increase production to meet demand for the SU7, with a target of 100,000 units.
• The company may launch a third, lower-priced EV model after the SU7 and SUV, but plans are not confirmed.
• Xiaomi's EV production facility in Beijing is undergoing expansion, with phase two expected to be completed in 2024, aiming for an annual capacity of 300,000 units.
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