Xiaomi shares at all-time high on new details of second EV

Xiaomi’s second electric vehicle model will feature an impressive driving range of up to 820 kilometers (510 miles), far ahead of the redesigned Tesla Model Y, according to the latest regulatory filings with China‘s industry watchdog on Monday.

Why it matters: Details of the Xiaomi YU7 are a positive sign that the company is heading for another success after its first consumer car, the SU7, was a hit, with deliveries of more than 135,000 units last year. Xiaomi’s shares rose 8.5% to a record high of HK$48 ($6.2) in Hong Kong on Tuesday.

• Meanwhile, Tesla on Tuesday announced (in Chinese) that it had started volume production of the redesigned versions of its Model Y at its Shanghai Gigafactory. The refreshed crossover boasts a driving range of up to 719 km and will be delivered at the end of this month, earlier than the original target of March.

Details: The single-motor, rear-wheel-drive variants of the Xiaomi YU7 will be powered by a 94.3-kilowatt-hour (kWh) battery pack and should be able to drive up to 820 km per charge, according to a document published by China’s Ministry of Industry and Information Technology (MIIT).

• The dual-motor, all-wheel-drive models will have a 101.7-kWh battery pack enabling over 760 km of range. The nickel-manganese-cobalt (NMC) batteries, provided by China’s CATL, provide up to 691 horsepower, TechNode has reported.
• MIIT, China’s top industry authority, regularly issues lists of new energy vehicle (NEV) models exempted from its purchase tax.

Context: Some of the notable details can be seen in government filings regarding the powertrain specifications of a number of much-anticipated models ahead of their debut.

• Xpeng’s G7 will be capable of driving 702 km on a single charge with the mid-size sports utility vehicle expected to go on sale as early as in April at a price tag of about RMB 250,000 ($34,334). NIO’s first small EV, the Firefly, will carry a 42.1-kWh battery pack enabling over 420 km of range.