Xiaomi unveiled its second electric vehicle, the YU7 SUV, according to CNBC. The company claims it has a driving range of 472 miles, surpassing Tesla’s Model Y in China. Positioned as a luxury SUV, the YU7 is expected to erode Tesla’s market share, according to Citi analyst Jeff Chung. Citi expects the YU7 to be priced between $34,700 and $44,420, with projected annual sales reaching 360,000 units. The YU7 is positioned to compete with Tesla’s Model Y, with Xiaomi set to reveal its price at the official launch in July.