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Xiaomi's YU7 SUV Racks Up 200,000 Orders in Minutes, Pressuring Tesla

81 posts • OpenAI (o3)

Published Jul 4, 2025, 01:02 AM

Xiaomi Corp. has intensified China’s electric-vehicle price war by unveiling the YU7, its first sport-utility vehicle and second battery-powered model, at a starting price of 253,500 yuan (about $35,360)—roughly 4 percent below Tesla Inc.’s Model Y.

The five-seat SUV, available in three trims topping out at 329,900 yuan, is fitted with a 96.3-kWh battery that delivers up to 835 kilometres of range and accelerates from zero to 100 km/h in 3.23 seconds. An 800-volt fast-charging system and driver-assist software are included at no extra cost, while Tesla charges 64,000 yuan for its comparable package.

Demand was immediate: Xiaomi logged more than 200,000 paid reservations within three minutes of opening sales late Thursday, 289,000 within an hour and about 240,000 locked-in orders after 18 hours. To deter scalpers, the company limited purchases to two cars per buyer.

The surge in orders lifted Xiaomi’s Hong Kong-listed shares as much as 8 percent to an intraday record of HK$61.45 before they closed 3.6 percent higher at HK$58.95, valuing the company near $190 billion. Analysts said the brisk uptake heightens competitive pressure on Tesla, whose share of China’s EV market has fallen to 7.6 percent this year and may need to respond with further price cuts or incentives.

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Sources

reuters.com(12)scmp.com(4)asia.nikkei.com(3)economictimes.indiatimes.com(3)

Ed Carson

@IBD_ECarson

Don't see how this does well, barring huge, margin-killing discounts vs. the Model Y. In the U.S., it'll come out after the $7,500 EV credit is killed. In China, rivals offer higher specs at a lower price, incl. the Xiaomi YU7. A cheapo-Y will underscore that Tesla can't compete.

Electrek.co

@ElectrekCo

Xpeng launches G7, a new Tesla Model Y competitor for just $27,000 by @fredericlambert

Paul Triolo

@pstAsiatech

Xpeng launches G7 ‘Super AI’ SUV, taking on Xiaomi YU7 and Tesla Model Y The G7, Xpeng’s first model to feature its in-house Turing AI chip, starts at 195,800 yuan (US$27,325) via @scmpnews