Xiaomi launches YU7, undercutting Tesla's Model Y on price

BEIJING (Reuters) -Chinese EV and smartphone maker Xiaomi on Thursday priced its new electric YU7 SUV from 253,500 yuan ($35,364), almost 4% below Tesla's Model Y, stepping up the challenge to the U.S. firm in the world's largest auto market. The YU7's base model costs 10,000 yuan less than the starting price of Tesla’s Model Y in China, with the more premium models YU7 Pro and YU7 Max priced at 279,900 and 329,900 yuan respectively. The Model Y, which was China's best-selling SUV in May, starts at 263,500 yuan in China.