Xiaomi’s YU7 SUV Books 200,000 Orders in Minutes, Lifting Shares to Record

Xiaomi Corp. has unveiled its second electric vehicle, the YU7 sport-utility vehicle, pricing the base model at CNY 253,500 (about USD 35,360) and positioning it squarely against Tesla’s Model Y, which starts at CNY 263,500. Chief Executive Officer Lei Jun announced three trims—YU7, YU7 Pro and YU7 Pro Max—costing up to CNY 329,900.

Customer demand was immediate. Xiaomi recorded about 200,000 pre-orders within the first three minutes of sales opening on 26 June, rising to 289,000 in an hour. The company later said 240,000 of those were locked-in orders—secured with cash deposits—within 18 hours. The surge sent Xiaomi’s Hong Kong-listed shares up as much as 8 percent to a record intraday high before they closed 3.6 percent stronger at HK$58.95, lifting the firm’s market value to roughly USD 190 billion.

The five-seat YU7 is built on an 800-volt architecture and carries a 96.3 kWh battery that delivers up to 835 kilometres (519 miles) of range, topping the redesigned Model Y’s 719 kilometres. Performance figures include 0–100 km/h acceleration in 3.23 seconds and a top speed of 253 km/h. Xiaomi offers its driver-assistance software at no extra charge, while Tesla levies a separate fee for Full Self-Driving in China.

Analysts at Citi and other brokerages said the brisk orders intensify China’s EV price war and could oblige Tesla to cut prices further or bundle more features to defend market share. With the sedan-style SU7 already outselling the Model 3 in recent months, the YU7 gives the smartphone maker a foothold in China’s most competitive vehicle segment and moves the company closer to its goal of turning its EV unit profitable in the second half of 2025.