Xiaomi YU7 Record Sales ⚡ AI Drama Series 🎬 1TW Solar Milestone ☀️

2025-06-30 | subscribe | homepage

Welcome back to this week’s edition of the China Insights Weekly Newsletter!

Here are some of the key highlights for this week’s edition:

• Lexus builds new EV factory in Shanghai, second foreign-owned after Tesla

• Bosch to open 300+ stores in China, backed by green subsidies

• Payment Connect links mainland and HK, fintech stocks surge

• China debuts magnesium-based solid-state hydrogen storage system

Dive deeper into these stories and more by clicking the headlines below. We value your feedback. Let us know your thoughts or suggestions on LinkedIn, X or Facebook.

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🚀 Headlines

Xiaomi creates history with 289,000 reservations in one hour for 2nd EV, stock reaches record high as founder Leijun becomes China’s richest (link, link)

Xiaomi has set a new record in China's electric vehicle market by securing over 289,000 reservations for its YU7 crossover in just one hour, with each reservation accompanied by a RMB 5,000 refundable deposit. The YU7, priced at RMB 253,500, is positioned as a strong competitor to Tesla's Model Y, which is priced RMB 10,000 higher. The YU7 offers a driving range of 835 kilometers, powered by a 96.3 kWh battery from CATL, and can charge from 10% to 80% in 21 minutes. Its top-end model, the YU7 Max, boasts an acceleration of 0-100 km/h in three seconds, with a combined output of over 681 hp. The vehicle also features Xiaomi's "End-to-end Assisted Driving" system with NVIDIA's Thor processor and Qualcomm's Snapdragon 8 Gen 3 for infotainment. Xiaomi's stock price reached an all-time high of 61.45 HKD, making CEO Lei Jun China's wealthiest person.

Toyota’s Lexus begins construction of new energy vehicle factory in Shanghai (link)

Lexus, a luxury brand under the Japanese Toyota conglomerate, has officially started construction on its new energy vehicle manufacturing facility in Shanghai’s Jinshan District, becoming the second wholly foreign-owned auto enterprise in the city after Tesla. The project, located in the Shanghai Bay High-tech Zone, is scheduled for completion in August 2026, with production set to begin in 2027. The factory will have an annual production capacity of 100,000 cars. Lexus (Shanghai) New Energy Co., Ltd. has a registered capital of 107.1 billion Japanese yen (USD 740 million) and covers an area of 1.13 million square meters, larger than Tesla’s Shanghai factory at 860,000 square meters. The project moved from agreement to groundbreaking in just over two months, demonstrating what local officials call “Lexus speed.” The facility aims to accelerate Toyota’s electric and intelligent transformation, targeting both the Chinese and international markets.

Bosch Home Comfort to open over 300 more stores in China this year after 400 last year (link)