Xiaomi made a cheap Ferrari EV. Who needs Porsche?
The danger for luxury automakers is that their products become commoditised; rapid acceleration, a chief selling point of Western sports-car brands, is now commonplace in electric vehicles
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WATCHING the launch last Thursday (Jun 26) of Xiaomi’s luxury electric sport utility vehicle (SUV), the YU7, stirred up two strong emotions: wonder at its impressive technology, and deep foreboding for the future of Western automakers.
The YU7 is the complete package – a stylish and tech-laden SUV with up to 835 kilometres of driving range, all for an affordable price. The entry-level version costs just 253,500 yuan (S$45,022).
Xiaomi scores few points for design originality – the YU7 looks like a cross between a Ferrari Purosangue and a McLaren, while its first model, the sporty SU7 sedan, bears a striking resemblance to the Porsche Taycan. Even so, these are astonishing achievements for a smartphone company that entered the automotive industry just four years ago. I was not in the least surprised that the YU7 received almost 300,000 orders within one hour.
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