Xiaomi YU7 GT Launches May 21; NIO Says Firefly Has No Plans for Second Model

Xiaomi Auto announced that its high-performance all-electric SUV, the YU7 GT, will officially launch on May 21. Positioned as a “pure-blooded GT,” the model emphasizes long-distance travel and driving pleasure. It was unveiled at the Beijing Auto Show and features a dual-motor all-wheel-drive system, delivering a combined peak output of 1,003 horsepower, a top speed of 300 km/h, and a CLTC-rated range of 705 km. Zhiji Auto stated that its panoramic intelligent flagship MPV, the Zhiji V9, received over 10,500 firm orders within 48 hours of its market launch. NIO announced that cumulative deliveries of its all-new ES8 will reach 110,000 units this week. Previously, on April 23, NIO CEO William Li delivered the 100,000th ES8 to its owner. Li Auto has recently begun deliveries of its new Li L9 in Changzhou and Hangzhou. Launched on May 15, the L9 is offered in two trims—L9 Livis and L9 Ultra—priced at RMB 509,800 and RMB 459,800 respectively. It marks Li Auto’s first flagship SUV equipped with embodied intelligence technology. At the 18th Xuanyuan Automotive Blue Book Forum, NIO founder William Li noted that the Firefly brand currently has no plans to develop a second model, as it already holds approximately 70% market share in the premium compact car segment. The Firefly recently launched an updated version featuring its signature “trio” headlight design and new Star Track dual-tone alloy wheels. In parts and supply chain news, Gestamp released its Q1 2026 financial report, reporting revenue of €2.8 billion and maintaining stable profitability amid industry pressures. ChangXin Technology filed an updated prospectus disclosing that it achieved its first-ever annual net profit attributable to shareholders in 2025. In Q1 2026, the company reported revenue of RMB 50.8 billion and net profit attributable to shareholders of RMB 24.762 billion. Hangsheng Japan opened a new technical center and office in Yokohama. CATL signed a strategic cooperation agreement with Xiamen Municipality to jointly advance the development of a zero-carbon tech city and full-chain collaboration in new energy. In capital markets, Hong Kong-listed auto stocks broadly declined on May 18, with Li Auto-W dropping more than 14%, and Leapmotor, Great Wall Motor, and NIO-SW also posting significant losses. Most semiconductor stocks also weakened. On the industrial economics front, a research note from CICC Securities indicated that Zimbabwe has resumed exports of lithium concentrate, expected to replenish China’s domestic supply by late June to early July. However, lithium ore inventories and processing fees remain under short-term pressure. Lithium salt inventories declined week-over-week, and further drawdowns are anticipated in May–June, providing support for lithium prices. Additionally, Huayu Xianxiang completed a Pre-A+ funding round exceeding RMB 100 million, led by Ant Group, with proceeds earmarked for eVTOL airworthiness certification and commercial low-altitude applications. The 2026 Gaogong Humanoid Robotics Technology Application Summit opened this week, with some forecasts suggesting the embodied intelligence market could surpass RMB 1 trillion by 2035. On the policy front, Shanghai announced its third batch of 2026 vehicle trade-in subsidies. The scrappage-and-replacement program covers 1,227 individuals with RMB 18.1987 million in subsidies, while the trade-up program involves 7,790 individuals receiving RMB 97.7147 million—all funded by ultra-long-term special treasury bonds. An additional RMB 3.9413 million in subsidies for B5 biodiesel sales was allocated from the municipal energy conservation and emissions reduction fund.