XIAOMI(HK:01810) Sou Hu Cai Jing·2025-07-21 17:31Core Viewpoint - Xiaomi is expanding its automotive lineup with the introduction of a new luxury range-extended SUV, despite previous statements indicating no plans for such vehicles. This move aims to capture a significant share of the high-end SUV market in China, particularly targeting competitors like Li Auto and Aito [1][2][14]. Group 1: Product Development - Xiaomi's third vehicle, codenamed "Kunlun N3," has been revealed as a luxury range-extended SUV, showcasing a design distinct from its previous models, SU7 and YU7 [2][4]. - The new SUV features a bold front design reminiscent of luxury models like the Rolls-Royce Cullinan, aimed at maximizing interior space and enhancing its premium appeal [4][6]. - The vehicle is expected to adopt a high-end SUV design with a one-piece tailgate, improving both aesthetics and aerodynamics [4][6]. Group 2: Technical Features - The SUV will utilize a range-extended hybrid system, combining a 1.5T efficient engine with an electric motor, providing a balance of smooth electric driving and the convenience of quick refueling [8]. - It boasts an impressive CLTC range of up to 1500 kilometers when fully fueled and charged, significantly surpassing competitors like Tesla Model X and other similar models [9]. - Xiaomi's expertise in AIoT will enhance the vehicle's smart cockpit and connectivity features, leveraging its decade-long experience in the smart device sector [11]. Group 3: Market Strategy - The introduction of this new SUV marks a strategic shift for Xiaomi, moving from a single blockbuster model approach to a comprehensive product line, targeting the 400,000 to 500,000 RMB luxury SUV market [14]. - The new vehicle will complement existing models, with SU7 focusing on high-performance luxury sedans and YU7 on high-performance luxury SUVs, thus establishing a clear product strategy [14].