Investing.com-- Xiaomi (OTC: XIACF ) Corp’s (HK: 1810 ) shares fell on Thursday as CEO Lei Jun announced that the company’s new electric SUV, the YU7, is expected to enter the market in July.
In a Weibo (NASDAQ: WB ) post, Lei Jun stated that Xiaomi will not disclose the official prices for the YU7, nor commence taking pre-orders at this time.
The lack of pricing details and pre-order information left investors guessing about the company’s EV rollout strategy.
Xiaomi’s Hong Kong-listed shares fell as much as 3% to HK$52.85 by midday trading.
The YU7, positioned as a competitor to Tesla’s (NASDAQ: TSLA ) Model Y, is part of Xiaomi’s broader push into the electric vehicle market, following the launch of its SU7 sedan earlier this year.