Chinese consumer electronics giant Xiaomi has launched a new electric SUV and debuted a self-designed smartphone chip, in a push to expand beyond its roots in budget devices. The company’s CEO and founder Lei Jun introduced the YU7,

Xiaomi will start selling its YU7 electric vehicle, in July, founder and CEO Lei Jun said on Thursday, disclosing the launch date of an SUV analysts say will be the strongest rival in China to Tesla's best-selling Model Y.

Xiaomi has introduced a competitor to Tesla's best-selling Model Y. It will challenge Tesla in China in particular.