BEIJING: Xiaomi’s latest luxury SUV, the YU7, which is priced RMB10,000 (S$1,779) lower than competitor Tesla’s Model Y, has quickly grabbed buyers’ attention.
The YU7 starts at RMB253,500 for the standard version. The YU7 Pro was priced at RMB279,000 and the YU7 Max at RMB329,000. The launch follows last year’s SU7 sedan, which was also priced below Tesla’s Model 3.
The electric vehicle (EV) maker shared on Weibo that it received over 200,000 orders within three minutes of its launch. An hour in, that number rose to 289,000, as reported by Channel News Asia (CNA).
In a video shared after the launch, CEO Lei Jun said the company had received 196,000 paid pre-orders and 128,000 lock-in orders within the first two minutes. He said, “We may be witnessing a miracle in China’s automotive industry.”
Xiaomi later confirmed on its Weibo account that it had received 289,000 pre-orders for the five-seater YU7 within the first hour of sales.
According to CNBC, the strong customer response lifted Hong Kong-listed Xiaomi shares by more than 5% on Friday, hitting a record high.
Although Mr Lei claimed the YU7 outperforms Tesla’s Model Y on several fronts, he noted it still lags in driver-assist features. The SUV is said to run up to 760 kilometres (km) on a single charge, longer than the 719 km listed for Tesla’s extended-range Model Y.
Driving range remains one of the biggest selling points for EV enthusiasts, especially for those still cautious about battery performance and charging access.
Mr Lei added that the YU7 supports Apple Car Play and Apple Music.
Ahead of the price announcement, Citi expected the SUV to be priced between RMB250,000 and RMB320,000, with monthly sales of around 30,000 units and annual volumes reaching 300,000 to 360,000 units once production ramps up. /TISG
Follow Google News
Join us on WhatsApp
Follow us on Telegram