Xiaomi YU7 SUV launch

This Thursday, Xiaomi (HKG: 1810, OTCMKTS: XIACY) will formally introduce the YU7, a car that could revolutionize the electric SUV (sport utility vehicle) market in China.

The first SUV, the Xiaomi YU7, will be unveiled during Xiaomi’s key new product launch event on May 22 at 7 p.m. Beijing time, according to a Weibo post made today by Xiaomi EV, the company’s electric vehicle (EV) division.

“Witness together, a new beginning for Xiaomi’s 15th anniversary,” said Xiaomi EV. The Xring O1, Xiaomi’s first mobile SoC (system on a chip), the Xiaomi 15S Pro smartphone, and the Xiaomi 7 Ultra tablet will also be part of the debut in addition to the YU7.

On March 28, 2024, Xiaomi formally unveiled the SU7, an electric automobile that competes with Tesla’s (NASDAQ: TSLA) Model 3.

Xiaomi’s electric vehicle, the SU7 Ultra, which is based on the standard SU7 and has a maximum horsepower of 1,548 Ps, was introduced on February 27.

Xiaomi, a latecomer to the Chinese EV industry, has achieved remarkable success in this fiercely competitive arena.

On May 1, Xiaomi EV declared that it had shipped over 28,000 units in April, the seventh consecutive month that it had supplied over 20,000 units.

Xiaomi EV revealed last December that the YU7, a rival to the Tesla Model Y, will be its second model and would go on sale in June or July 2025.

According to a regulatory filing at the time, the YU7 had a wheelbase of 3,000 mm and dimensions of 4,999 mm in length, 1,996 mm in width, and 1,600 mm in height.

In contrast, the revised Model Y has a wheelbase of 2,890 mm and dimensions of 4,797 mm in length, 1,920 mm in width, and 1,624 mm in height.

It’s important to remember that the Xiaomi EV has been under a lot of public pressure in the last two months because of the late March SU7 crash that claimed three lives.

Furthermore, the company is under additional pressure because over the past month, numerous complaints regarding the Xiaomi SU7’s quality have surfaced on Chinese social media.

Xiaomi EV sales appear to have been impacted by these. According to data provided by CnEVPost, insurance registrations for Xiaomi EV fell 8.96 percent to 5,180 in the week ending May 11 from 5,690 the week before. This was the third consecutive week of declines.

U.S. debt downgrade

Early Monday saw a decline in stock futures as investors reacted to Moody’s downgrading the U.S. credit rating.

Dow Jones Industrial Average-linked futures fell 337 points, or 0.79%. Nasdaq 100 futures fell 1.19%, while S&P 500 futures declined 0.97%.

Moody’s downgraded the nation’s rating from Aaa to Aa1 on Friday, bringing the agency into line with its peers. The firm mentioned the consequences of rolling over current U.S. loans during a time of high borrowing costs, as well as the funding difficulties associated with the federal government’s widening budget deficit.

At a time when President Donald Trump’s evolving tariff policy is already exerting pressure on the economy, the debt downgrade may cause bond prices and yields to rise.

Regarding the U.S. rating adjustment, Peter Boockvar, chief investment officer at Bleakley Financial Group, stated that “the fundamental factor of less foreign demand for them and the growing size of the pile of debt that needs to be constantly refinanced is not going to change.” In the sense that a major rating agency is pointing out that the United States has burdensome debts and deficits, Moody’s downgrading “is symbolic.”

Following a successful week on Wall Street, when investors applauded the White House’s agreement with China to temporarily lower duties, the downgrade was announced. Following the announcement of Trump’s initial plan for high and wide import levies last month, the accord was viewed as a significant step forward for international commerce.

With a gain of over 7%, the technology-heavy Nasdaq Composite took the lead. The broad S&P 500 posted a five-day winning streak after jumping more than 5%.

Last week, the blue-chip Dow had a more than 3% rally. The 30-stock average entered positive territory for 2025 with a gain of more over 300 points on Friday.

Investors will keep an eye on statements made by U.S. central bank officials throughout the day on Monday, including those of Dallas Fed President Lorie Logan, New York Fed President John Williams, and Atlanta Federal Reserve President Raphael Bostic. Data on leading indicators is expected in the morning.

Joe Biden Aggressive Prostate Cancer Diagnosis: Former President’s Health Update

Starbase City Approved

Starbase is the new cosmic moniker for the South Texas city that is home to Elon Musk’s SpaceX rocket firm.

The limited number of voters who reside in Starbase, the most of whom are Musk’s SpaceX employees, overwhelmingly supported a referendum on Saturday to legally create Starbase as a city. According to statistics posted online by the Cameron County Elections Department, the final vote count was 212 in favor and 6 against.

In a celebratory post on his social media site, X, Musk said that it was “now a real city!”

The SpaceX rocket program, which is contracted with the Department of Defense and NASA, uses Starbase as a facility and launch site with the goal of returning humans to the moon and eventually Mars.

When Musk originally proposed the concept of Starbase in 2021, it was almost a given that the new metropolis would be approved. The majority of the area’s 283 eligible voters are thought to be Starbase employees.

For Musk, the electoral triumph was personal. Since he became the public face of President Donald Trump‘s government job and expenditure cuts, the billionaire’s popularity has declined, and his Tesla car company’s revenues have fallen.

Local leaders have mostly supported SpaceX’s employment and investment in the region.

However, the establishment of an official company town has also prompted criticism from some who fear it would increase Musk’s personal influence over the region, perhaps giving him the power to block a well-known beach and state park for launches.

Bills in the state legislature to transfer that authority from the county to the new town’s mayor and city council are part of the city vote’s companion efforts.

All these steps come as SpaceX is requesting federal officials for authorization to raise the number of South Texas launches from five to 25 a year.

The community, which is only around 1.5 square miles (3.9 square kilometers) in size and is dotted with modest midcentury houses and airstream trailers, is located close to the Mexican border at the southern corner of Texas.

Email inquiries for response from SpaceX executives were not answered, and they have not provided many details about why they want a business town.

In 2024, Starbase General Manager Kathryn Lueders wrote to local officials, requesting that the city issue be put on the ballot, saying, “We need the ability to grow Starbase as a community.”

According to the letter, the business already oversees utilities and roads in addition to “the provisions of schooling and medical care” for the residents.

Lawmakers have been informed by SpaceX representatives that allowing the city to block the beach will simplify launch procedures. Access to Boca Chica State Park and Boca Chica Beach must be closed for SpaceX rocket launches and engine tests, as well as for the simple task of transporting certain equipment around the launch complex.

The county administration, which represents a larger population that utilizes the beach and park, should retain the ability to close the beach, according to critics. According to Judge Eddie Trevino, Jr. of Cameron County, the county has gotten along well with SpaceX and no changes are necessary.

If someone disobeys a beach evacuation order, it would be a Class B misdemeanor punishable by up to 180 days in jail, according to another proposed measure.

Dozens of people attended another action on Saturday organized by the South Texas Environmental Justice Network, which has coordinated rallies against the beach access problem and the city vote.

Josette Hinojosa, whose little daughter was constructing a sandcastle close by, stated that she was participating in an effort to guarantee her family’s continuous access to a beach that has been a family favorite for many generations.

“Some days it’s closed, and some days you get turned away,” Hinojosa said of SpaceX.

His family have lived in the region, where the Rio Grande meets the Gulf, for a long time, according to organizer Christopher Basaldú, a member of the Carrizo/Comecrudo Nation of Texas tribe.

“It’s sacred, not just important,” he declared.

Anthony Albanese Re-Election 2025: PM Wins Amid Concerns Over American-Style Politics