Xiaomi Moves Ahead With Tesla-Like SUV As First EV Hits Goals
- Chinese firm is developing a model similar to Tesla’s Model Y
- Xiaomi’s EV unit could break even in 2026 as capacity grows
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Xiaomi Corp. aims to begin making and selling a sport utility vehicle similar to Tesla Inc.’s Model Y as early as 2025, embarking on a major new expansion with production of its debut SU7 electric car set to reach about a 100,000 units this year.
Xiaomi is approaching full initial capacity and is working now to increase output to accommodate demand, people familiar with the matter said. The company benchmarked its envisioned SUV against Tesla’s during development, the people said, asking not to be identified discussing a private project.