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@ReutersTechXiaomi's YU7 car buyers face year-long wait for delivery, sparking complaints
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Xiaomi YU7 SUV Wins 200,000 Orders in 3 Minutes, Shares Surge
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Chinese smartphone maker Xiaomi Corp. has launched its first electric sport-utility vehicle, the YU7, pricing the base model at CNY 253,500 (about US$35,360)—roughly 4 percent below Tesla’s Model Y. Two higher trims, the YU7 Pro and YU7 Pro Max, cost CNY 279,900 and CNY 329,900, respectively.
Demand was immediate. Xiaomi reported more than 200,000 paid orders within three minutes of bookings opening on 26 June, 289,000 within the first hour and about 240,000 locked-in orders over the first 18 hours. The rush sent the company’s Hong Kong-listed shares up as much as 8 percent to an intraday record of HK$61.45 before they closed 3.6 percent higher at HK$58.95, lifting its market value to nearly US$195 billion.
The YU7’s 96.3 kWh battery delivers up to 835 kilometres of range, accelerates from 0-100 km/h in 3.23 seconds and supports 800-volt fast charging. Chief Executive Officer Lei Jun said the SUV is designed to surpass Tesla’s Model Y on range and price, while bundling driver-assist software at no extra cost. Jefferies and Morgan Stanley analysts called the model a powerful new competitor that could oblige Tesla to adjust its China strategy.
Heavy demand is already stretching supply. Xiaomi’s ordering app shows estimated delivery times of 38-60 weeks, prompting more than 400 complaints from buyers over the non-refundable CNY 5,000 deposit, according to a 1 July Reuters report. The company is expanding capacity at its Beijing plant and aims to sell around 350,000 YU7s next year.
The launch follows Xiaomi’s SU7 sedan, which has outpaced Tesla’s Model 3 in Chinese sales since December. The YU7’s reception underscores how fast-moving consumer-electronics brands are intensifying the price and technology battle in the world’s largest electric-vehicle market.
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