This surge follows the company’s requirement for a non-refundable deposit of 5,000 RMB (approximately $700) for order confirmation, signaling strong consumer confidence in the new model.
Launched just four years after Xiaomi established its electric vehicle division and less than a year after the SU7’s introduction, the YU7 is being hailed by CEO Lei Jun as a serious contender in the EV market, even drawing direct comparisons to Tesla’s Model Y.
NEWS: Xiaomi has officially launched the YU7 SUV in China today, its second EV.
It starts at 253,500 yuan ($35,320 USD), $1,400 less than the Model Y. Within just 3 minutes, Xiaomi secured 200,000 pre-orders, breaking all previous records for a car launch in China.
Xiaomi’s YU7 SUV Could Shift the Electric Vehicle Landscape in China
During the launch, Lei highlighted the YU7’s advantages, including superior acoustic insulation and a starting price of 253,500 RMB (about $35,300)—10,000 RMB less than its Tesla counterpart. Additionally, the YU7 boasts more than 200 kilometers of extra range, adding to its appeal.
The phenomenal first-day sales are indicative of a potential shift in the electric vehicle landscape, particularly in China, where Tesla has recently struggled to maintain its market share amidst increased competition. Reports suggest that Xiaomi could quickly surpass 400,000 orders, further complicating Tesla’s position in this key market.
Xiaomi has swiftly commenced production of the YU7, offering units for nearly immediate delivery with select configurations. The implications of this rapid order tally are staggering; at an average sale price of $40,000, the company is set to record approximately $8 billion in sales within just minutes of launching.
As the EV segment heats up, Tesla may need to rethink its pricing strategy and offerings to stem the tide, particularly as the YU7 challenges its stronghold in the growing electric SUV market.
Author: Chema Carvajal Sarabia
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