Daijiworld Media Network- Beijing
Beijing, Jun 27: In a remarkable display of market dominance and consumer enthusiasm, Chinese tech titan Xiaomi made a thunderous entry into the electric SUV segment with its newly launched YU7, garnering an astounding 289,000 orders within just the first hour of sales. The euphoria sent Xiaomi’s Hong Kong-listed shares skyrocketing to an all-time high, underlining its fast-evolving stature in China’s electric vehicle (EV) race.
Xiaomi CEO and founder Lei Jun couldn’t hide his amazement. “My goodness, in just two minutes, we received 196,000 paid pre-orders and 128,000 lock-in orders,” he exclaimed in a video shortly after the launch. “We may be witnessing a miracle in China's automotive industry.”
The YU7, a stylish five-seater SUV priced at 253,500 yuan (approx ?29.5 lakh), undercuts Tesla’s Model Y in China by nearly 4%, yet offers better specifications. With a range of up to 760 km on a single charge, it surpasses Tesla’s long-range model and is equipped with Apple CarPlay, Apple Music, and AI-driven driver-assist features powered by Nvidia’s Thor chip.
Financial analysts were quick to take note. According to Jefferies, the YU7 not only boasts superior specs but also exceeds expectations with its aggressive pricing strategy. Reuters noted that early orders tripled those of Xiaomi's first EV, the SU7 sedan, launched in 2024.
As per Citi analysts, Tesla may be forced to roll out fresh incentives or trim prices to remain competitive in a market currently enthralled by Xiaomi’s pricing and innovation.
Initially slated for a July launch, the YU7’s unveiling was advanced, possibly to ride the wave of an ongoing EV price war in China and Xiaomi’s own market momentum. Deliveries are expected to begin within one to five weeks.
Adding to the tech buzz, Xiaomi also introduced AI-powered smart glasses that support real-time translation, photo capture, and QR scanning. Priced at 1,999 yuan (approx ?23,000), the wearable currently caters to the domestic market but places Xiaomi in direct competition with Meta’s Ray-Ban smart eyewear.
The blockbuster launch aligns with China’s national strategy. At the World Economic Forum in Tianjin, Premier Li Qiang reaffirmed the government’s push for EVs as a cornerstone of domestic consumption growth.
Following the launch, Xiaomi’s stock jumped 8% in early trading and closed the day 3% higher, propelling the company’s market cap past $200 billion, making it the top-performing large-cap stock in Asia-Pacific for 2025 so far.
With the YU7, Xiaomi isn’t just selling a car—it’s shifting gears in the global EV landscape.