Xiaomi Corp. (OTC: XIACF) (OTC: XIACY) CEO Lei Jun revealed on Thursday that the corporate purchased three Tesla (NASDAQ: TSLA) Mannequin Y vehicles for an in-depth research. Whereas talking on the Beijing Nationwide Conference Middle, Lei shared particulars in regards to the technique of taking the vehicles aside for evaluation.
Try the present value of XIACY inventory right here.
“We purchased 3 Mannequin Ys firstly of this yr, disassembling the elements one after the other, and studied each part, one after the other,” Lei mentioned, reported Enterprise Insider.
Direct Competitors Evaluation
Lei in contrast Tesla’s Mannequin Y with Xiaomi’s YU7 electrical SUV, stating, “For those who don’t select the YU7, you may contemplate the Mannequin Y.”
He additionally added, “The Mannequin Y is an exceptionally spectacular automotive.”
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Xiaomi’s automobile boasts 800V structure, permitting it to cost to 80% in simply 13 minutes, whereas the Mannequin Y takes 18 minutes to succeed in the identical cost stage.
Xiaomi and Tesla didn’t instantly reply to Benzinga‘s request for remark.
Market Efficiency Knowledge
Tesla’s gross sales in China fell by 4% year-over-year to 83,200 models in August, in keeping with knowledge from the China Passenger Automotive Affiliation. Native rivals, equivalent to Xiaomi, are providing extra inexpensive EVs than Tesla.
Latest analysis from analysts has proven that Chinese language electrical automobile producers pose the best competitors to Tesla, because of their low-cost fashions and speedy updates.
Robust Pre-Order Outcomes
Xiaomi’s YU7 acquired greater than 240,000 preorders inside 24 hours of its June launch. Lei said that the YU7’s design “is certainly on par with the Mannequin Y” and highlighted its spectacular efficiency contemplating its value.
Xiaomi’s inventory value ranges from $20.35 to $61.45. The corporate has a market capitalization of 1.42 trillion Hong Kong {dollars}. The typical every day buying and selling quantity is 142.88 million shares, and the price-to-earnings ratio stands at 35.01.
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Disclaimer: This content material was partially produced with the assistance of AI instruments and was reviewed and printed by Benzinga editors.
