Xiaomi YU7 SUV Launch Spurs Record Orders in China

Xiaomi has launched its YU7 electric SUV in China, positioning it as a direct competitor to Tesla's Model Y with a starting price of 253,500 yuan (about $35,300), undercutting the Tesla by about 10,000 yuan ($1,400). The YU7 boasts a longer driving range of up to 835 km on a single charge, compared to the Model Y's 719 km, and features advanced technology including an 800V fast-charging platform, a panoramic triple Mini LED display, Apple CarPlay, and AI-assisted driving powered by Nvidia's Thor chip. Xiaomi received over 200,000 confirmed orders within three minutes of opening reservations and nearly 289,000 in the first hour, causing its Hong Kong-listed shares to reach a record high. The SUV is available in three trims—Standard, Pro, and Max—all priced below Tesla equivalents, with extensive color and interior customization options. CEO Lei Jun has openly challenged Tesla, highlighting the YU7’s advantages in key metrics. Analysts see Xiaomi's aggressive pricing and technology as intensifying competition in China's EV market.