Xiaomi unveiled its hotly anticipated PU7 electric SUV in China today, in the latest potential blow to Tesla’s position in the world’s hottest EV market.

Xiaomi will start selling its YU7 electric vehicle, in July, founder and CEO Lei Jun said on Thursday, disclosing the launch date of an SUV analysts say will be the strongest rival in China to Tesla's best-selling Model Y.

Gov. Tim Walz has gloated publicly about Tesla’s business troubles in his political spat with Elon Musk, once even saying he got “a little boost” from the company’s falling stock price. No automaker,

Investors will parse Musk’s recent words for days, looking for clues about Telsa’s robotaxi rollout and AI development.

It was typical Tesla hyperbole, and even Musk told listeners to the company’s earnings call that his prognostications should be taken “with a grain of salt because I am optimistic.” Now, it seems, any optimism in this smaller Tesla was misplaced.