New Delhi, June 26 -- Chinese tech giant Xiaomi has launched its latest electric vehicle, the YU7 SUV, marking a bold move into the fiercely competitive EV market. Priced at 253,500 yuan (approximately $35,360), the new model is aimed squarely at Tesla's best-selling Model Y, continuing founder Lei Jun's strategy of challenging global rivals head-on.

The YU7 made its debut on Thursday during a high-profile launch event in Beijing, where Lei openly compared the vehicle to the Tesla Model Y, a tactic reminiscent of his past product unveilings where Xiaomi smartphones were stacked up against Apple's iPhones. The SUV's pricing aligns closely with industry forecasts and undercuts the Model Y's starting price of 263,500 yuan.

This strategic p...