Xiaomi Corp. (OTC: XIACF) (OTC: XIACY) CEO Lei Jun revealed on Thursday that the company bought three Tesla (NASDAQ: TSLA) Model Y cars for an in-depth study. While speaking at the Beijing National Convention Center, Lei shared details about the process of taking the cars apart for analysis.
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“We bought 3 Model Ys at the start of this year, disassembling the parts one by one, and studied every component, one at a time,” Lei said, reported Business Insider.
Direct Competition Assessment
Lei compared Tesla’s Model Y with Xiaomi’s YU7 electric SUV, stating, “If you don’t choose the YU7, you might consider the Model Y.”
He also added, “The Model Y is an exceptionally impressive car.”
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Xiaomi’s vehicle boasts 800V architecture, allowing it to charge to 80% in just 13 minutes, whereas the Model Y takes 18 minutes to reach the same charge level.
Xiaomi and Tesla did not immediately respond to Benzinga’s request for comment.
Market Performance Data
Tesla’s sales in China fell by 4% year-over-year to 83,200 units in August, according to data from the China Passenger Car Association. Local competitors, such as Xiaomi, are offering more affordable EVs than Tesla.
Recent research from analysts has shown that Chinese electric vehicle manufacturers pose the greatest competition to Tesla, thanks to their low-cost models and rapid updates.
Strong Pre-Order Results
Xiaomi’s YU7 received more than 240,000 preorders within 24 hours of its June launch. Lei stated that the YU7’s design “is definitely on par with the Model Y” and highlighted its impressive performance considering its price.
Xiaomi’s stock price ranges from $20.35 to $61.45. The company has a market capitalization of 1.42 trillion Hong Kong dollars. The average daily trading volume is 142.88 million shares, and the price-to-earnings ratio stands at 35.01.
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