Huawei on Tuesday launched a redesigned M5 compact crossover, the first model under the Aito lineup with manufacturing partner Seres. The Chinese tech giant billed the new vehicle as more spacious, better equipped, and with faster acceleration than the Tesla Model Y at a competitive price tag. The extended-range hybrid versions cost between RMB 249,800 and RMB 279,800 ($34,472-$38,612), putting them in the same price range as Li Auto’s newly-launched L6, but with a longer driving range of 1,440 kilometers (895 miles) on a full fuel tank and a full charge. The all-electric M5 is priced at RMB 269,800, nearly RMB 20,000 higher than the base-version, China-made Model Y. And yet, the company said it has a driving range of 602 km based on City Light Test Cycle (CLTC) standards, compared with the 554 km range achieved by Tesla. During a press conference in Beijing, Richard Yu, Chief Executive of Huawei’s Consumer Business Group, also unveiled Stelato, a new electric vehicle brand together with Chinese carmaker BAIC, saying the first model, the S9, will be showcased at the city’s biannual auto show later this week. [TechNode reporting, Huawei release, in Chinese]