Xiaomi out to scalp Musk’s bestselling SUV in China with its upgraded and low-cost model

Xiaomi is launching its upgraded YU7 SUV to compete with Tesla's bestselling Model Y in China, leveraging a low-cost strategy after its SU7 sedan outsold the Model 3. However, the company's shares fell slightly, and its Q1 profits missed estimates due to rising memory chip costs impacting its smartphone business.