The model is an all-electric coupe SUV, somewhat similar to Ferrari's Purosangue, and is expected to be released in 2025, according to local media.

Previous rumors have suggested that Xiaomi's SUV, which has the internal codename MX11, is expected to hit the market in 2025.

Xiaomi officially launched the SU7 on March 28, offering three variants -- standard, Pro, and Max -- with starting prices of RMB 215,900 ($29,740), RMB 245,900, and RMB 299,900, respectively.

In the traditional automotive industry, the demand for SUVs and sedans is 1:1, Xiaomi's founder, chairman, and CEO Lei Jun said at an investor conference on April 23, adding that in the battery electric vehicle (BEV) segment, sedans are definitely the mainstream demand.

Asked at the time if Xiaomi would launch an SUV, Lei said he couldn't answer that question at the moment.

Later on April 23, local media outlet 36kr reported that Xiaomi's second model will be an all-electric SUV, which will be launched in 2025 and will help Xiaomi EV expand its presence in the mainstream market.

While the SU7 has received good feedback from the market, it is after all the first Xiaomi model and has some regrets, which will be seen remedied in the subsequent SUV model, 36kr quoted a source close to the Xiaomi EV team as saying.

Xiaomi's third model is cost-sensitive and is initially positioned in the RMB 150,000 class, the report said, citing people familiar with the matter.

On May 13, Bloomberg reported that Xiaomi aims to start producing and selling an SUV similar to the Tesla Model Y as early as 2025.

Xiaomi benchmarked its envisioned SUV to Tesla's during development, Bloomberg said, citing a person familiar with the matter.

Xiaomi doesn't expect the SUV to be in production until late 2025 at the earliest, when the second phase of the company's assembly plant in Beijing is completed, according to Bloomberg.

Xiaomi aims to start selling SUV similar to Tesla Model Y as early as 2025, report says

($1 = RMB 7.2605)