/ 21:53 IST The YU7’s price tag — largely in line with analysts’ expectations — compares with 263,500 yuan for the latest version of the Model Y, the most popular SUV in China Chinese smartphone maker Xiaomi Corp. is looking to shake off scrutiny of tech-enhanced driving systems with a 253,500 yuan ($35,360) sport utility vehicle that takes aim at Tesla Inc.’s popular Model Y. Xiaomi founder Lei Jun attacked Tesla head-on during a Thursday launch event, stacking his vehicle against the Model Y much as he typically compares Mi devices with the iPhone. The YU7’s price tag — largely in line with analysts’ expectations — compares with 263,500 yuan for the latest version of the Model Y, the most popular SUV in China and the model that Lei has said he wants to outsell. BYD Co.’s Tang L SUV, slightly smaller than the YU7, sells for between 239,800 yuan and 289,800 yuan. Story continues below Advertisement Remove Ad Lei, who shot to fame with bold plans to unseat Apple Inc. in China, is counting on EVs to take on Elon Musk’s Tesla and fuel the final chapter of his entrepreneurial career. He’s pushed Xiaomi into new arenas from chip design to AI glasses, pledging to spend 200 billion yuan over five years to try and turn the Chinese company into a global device leader. The company began taking pre-orders Thursday, with a 5,000 yuan deposit. In a surprise twist, Lei declared that buyers of Xiaomi’s first car — the SU7 sedan — have three days to switch to the SUV if they haven’t taken delivery of the original vehicle. Xiaomi announced shortly after the event it had processed more than 200,000 pre-orders for the YU7 within three minutes. “We’re going to face the biggest competitor, and also face fierce challenge from all the other manufacturers. However, I’m very confident,” Lei said at the launch event in Beijing. Related stories