"Local brands have launched a wave of new affordable electric SUVs in recent months, many of which are directly targeting Tesla's best-selling Model Y. Xpeng launched the $27,320 G7 SUV in July, with Nio quickly following with the $36,940 L90 six-seater. Both are priced below the Model Y and have seen strong demand, but they are dwarfed by Xiaomi's YU7, which received more than 240,000 preorders in 24 hours when it launched in June."
"Smartphone maker Xiaomi, which only launched its first electric car last year, sold over 30,000 cars in August as it races to ramp up production to meet intense demand. Waiting times for the YU7 have been advertised as more than a year, and CEO Lei Jun even recently suggested that customers should consider buying a Tesla instead if they would rather not wait."
"The US automaker's Chinese arm sold 83,200 cars in August, a 4% drop from the same period last year, according to data released on Tuesday by the China Passenger Car Association. The EV giant has not faced the same public backlash in China over CEO Elon Musk's politics as it has in the US and Europe, but Tesla's sales in the world's largest auto market have still struggled this year."
Tesla's China sales softened, with the company's Chinese arm selling 83,200 cars in August, a 4% year-over-year decline. Local EV startups and incumbents are expanding rapidly: Nio, Leapmotor, and Xpeng reported record monthly sales in August, and Geely's sales rose 38% to nearly 150,000 vehicles. More than 100 companies compete in China's EV market, and several have launched affordable electric SUVs aimed at the Model Y. Xpeng priced the G7 at $27,320 and Nio introduced the $36,940 L90. Xiaomi's YU7 drew massive demand—over 240,000 preorders in 24 hours—and Xiaomi sold over 30,000 cars in August, with long waiting times reported. Tesla has faced pressure from a stale lineup and unveiled an extended six-seater Model Y amid rising competition.
Read at Business Insider
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