On June 26, Xiaomi's first SUV model, the Xiaomi YU7, was released. Regarding the topic of anti-involution in the automotive industry, Lei Jun, founder, chairman and CEO of Xiaomi Group, said, "We actively respond to the call of the competent authorities and resolutely implement anti-involution. For example, Xiaomi's performance in paying suppliers within 60 days has been well-received. In terms of competition, we are also determined to oppose price wars and move towards the high-end. We use higher standards to demand ourselves and resolutely implement the requirements of the competent authorities."