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Daily Tribune
3 hours ago
- Automotive
- Daily Tribune
Xiaomi receives almost 300,000 SUV pre-orders in minutes
hinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sport utility vehicles in what the company said was a "miraculous" moment for the industry. Lei Jun, founder and CEO of the electronics-turned-car company, said he was astonished by the reaction from customers. "My goodness, in just two minutes, we received 196,000 paid pre-orders and 128,000 lockin orders," Lei said in a video distributed after the vehicle's launch on Thursday night. "We may be witnessing a miracle in China's automotive industry." The company's electric vehicle division said later on its official Weibo account that there had been 289,000 pre-orders for the five-seater YU7, priced from 253,500 yuan (about $35,000), within the first hour of sales. Xiaomi's Hong Kong-listed shares soared eight percent at one point before paring their gains but ending at a record high. The Beijing-based commercial tech giant made its first foray into car-making with its SU7 EV model last year, part of a broader industry push to boost domestic consumption. Initial enthusiasm for intelligent driving features in such vehicles was tempered by the fatal crash of a Xiaomi SU7 in March. The vehicle had been in assisted driving mode just before it crashed, killing three students. Premier Li Qiang used the World Economic Forum in Tianjin this week to outline China's ambition to become a "major consumption powerhouse", emphasising policies to stimulate demand for high-value goods such as electric vehicles.
Daily Express
8 hours ago
- Automotive
- Daily Express
China's Xiaomi receives almost 300,000 SUV pre-orders in minutes
Published on: Saturday, June 28, 2025 Published on: Sat, Jun 28, 2025 By: AFP Text Size: Lei Jun, co-founder and CEO of Xiaomi, speaks during the launch of the Xiaomi YU7 SUV car in Beijing on May 22. BEIJING: Chinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sport utility vehicles in what the company said was a 'miraculous' moment for the industry. Lei Jun, founder and CEO of the electronics-turned-car company, said he was astonished by the reaction from customers. 'My goodness, in just two minutes, we received 196,000 paid pre-orders and 128,000 lock-in orders,' Lei said in a video distributed after the vehicle's launch on Thursday night. 'We may be witnessing a miracle in China's automotive industry.' The company's electric vehicle division said later on its official Weibo account that there had been 289,000 pre-orders for the five-seater YU7, priced from 253,500 yuan (about $35,000), within the first hour of sales. Xiaomi's Hong Kong-listed shares soared eight percent at one point before paring their gains but ending at a record high. The Beijing-based commercial tech giant made its first foray into car-making with its SU7 EV model last year, part of a broader industry push to boost domestic consumption. Initial enthusiasm for intelligent driving features in such vehicles was tempered by the fatal crash of a Xiaomi SU7 in March. The vehicle had been in assisted driving mode just before it crashed, killing three students. Premier Li Qiang used the World Economic Forum in Tianjin this week to outline China's ambition to become a 'major consumption powerhouse', emphasising policies to stimulate demand for high-value goods such as electric vehicles.
New York Post
21 hours ago
- Automotive
- New York Post
Chinese customers snapping up this Tesla rival's new SUV in bad sign for Elon Musk
Exceptionally strong initial orders for Xiaomi's YU7 electric sport utility vehicle sent shares in the automotive newcomer to a record high on Friday and fanned speculation that Tesla may have to cut prices to fight back. In the first 18 hours after the YU7 went on sale, Xiaomi received some 240,000 orders that it considers locked in, with buyers having paid either a hefty deposit for ready-to-deliver cars or a smaller deposit for cars still to be made. The smartphone and appliance maker made a huge splash in China's electric vehicle market with the launch of its first vehicle, the SU7 sedan, in March last year. The car has outsold Tesla's Model 3 in China on a monthly basis since December and has even earned a rave review from Ford CEO Jim Farley. 4 In the first 18 hours after the YU7 went on sale, Xiaomi received some 240,000 orders, with buyers having paid either a hefty deposit for ready-to-deliver cars or a smaller deposit for cars still to be made. CEO Lei Jun, above. AFP via Getty Images The YU7 is only its second model and priced from 253,500 yuan ($35,360), it undercuts Tesla's Model Y by nearly 4%. That will likely lead to more market share loss for the US automaker, analysts said. At one Xiaomi car showroom in Beijing, dozens of people were gathered around the YU7. Otto Shi, a 26-year-old Tesla Model Y owner who works in finance, said he was considering getting a YU7 for his father who currently drives a Mercedes-Benz. 'We could take turns to drive the Model Y and YU7,' he said, adding that he was impressed by Xiaomi's prowess in supply chains and the SU7's success had made him believe Xiaomi is the ideal Chinese brand to switch to. Xiaomi's shares shot 8% higher in early trade to an all-time high but later pared gains to close up 3.6%. They have risen by more than 70% so far this year to value the company at roughly $190 billion, making it the best performing large-cap stock in Asia Pacific, according to LSEG data. 4 Xiaomi shares have risen by more than 70% so far this year to value the company at roughly $190 billion. AFP via Getty Images What can Tesla do? As domestic rivals increasingly win over Chinese consumers with snazzy new features, Tesla's share of the Chinese EV market has fallen from a peak of 15% in 2020 to 10% last year and then again to 7.6% for the first five months of 2025. Citi analysts said in a note to clients that it may have to cut prices further, offer its 'Full Self-Driving' (FSD) driver assistance software for free and offer more financing incentives if it is to compete successfully with Xiaomi. Tesla, which counts China as its biggest market according to first-quarter sales numbers, did not immediately respond to a request for comment. Last year, China accounted for roughly a fifth of its revenue. 4 Analysts said Elon Musk's Tesla may have to cut prices further, offer its 'Full Self-Driving' (FSD) driver assistance software for free and offer more financing incentives if it is to compete successfully with Xiaomi. AFP via Getty Images While Xiaomi CEO Lei Jun acknowledged that Tesla's driving assistance software was superior, he touted a range of other features where he said the YU7 outperformed the Model Y. The YU7's base model is equipped with a 96.3 kWh battery pack, offering a driving range of up to 835 km (519 miles) on a single charge and supporting high-power fast charging. That compares with a maximum range of 719 km for the redesigned Tesla Model Y, which uses a smaller 78.4 kWh battery. 4 The YU7's base model is equipped with a 96.3 kWh battery pack, offering a driving range of up to 519 miles on a single charge and supporting high-power fast charging. Its backseats have drawers for storage under them and the YU7's driver assistance software comes at no extra charge while Tesla charges 64,000 yuan for its smart driving software, he added. On Thursday night, Xiaomi said it had received 289,000 orders for the YU7 in the first hour after it went on sale, more than three times the level for its SU7 when it launched. Lei has said, however, that a portion of orders was likely being placed by scalpers. On Chinese secondhand platform Xianyu, there were hundreds of people on Friday looking to sell their position in the order queue to others. Aiming to mitigate such scalping, Xiaomi is now limiting each customer to purchasing two cars at most.
Mint
a day ago
- Automotive
- Mint
Xiaomi YU7 SUV, company's second EV, receives 240000 orders in 18 hours; challenges Tesla in China
Xiaomi's latest electric SUV, the YU7, has triggered a buying frenzy in China, racking up around 240,000 orders within just 18 hours of launch, a performance that sent the company's shares soaring to a record high on Friday. The orders, considered firm by Xiaomi, include both large deposits for vehicles ready for delivery and smaller sums for those yet to be produced. The overwhelming demand underlines the smartphone giant's growing foothold in the electric vehicle (EV) sector, as it intensifies competition with established players like Tesla. This marks Xiaomi's second foray into the EV market, following the successful debut of its SU7 sedan in March last year. Priced from 253,500 yuan (approximately $35360), the YU7 undercuts Tesla's Model Y by nearly four per cent, further fuelling speculation that the US automaker may need to respond with price cuts or new incentives to maintain its market share. 'Tesla may be forced to reduce prices further or consider bundling its Full Self-Driving (FSD) system for free to stay competitive,' said Citi analysts in a client note. The YU7's specifications are also attracting attention. Its standard model includes a substantial 96.3 kWh battery pack offering a claimed range of up to 835 kilometres (519 miles) on a single charge, significantly more than the 719-kilometre range of the redesigned Tesla Model Y, which has a smaller 78.4 kWh battery. The YU7 also offers rapid charging capabilities and a number of consumer-focused features, including under-seat storage drawers and free driver-assistance software, a feature that costs an additional 64,000 yuan on Tesla's models. While acknowledging Tesla's superiority in autonomous driving, Xiaomi CEO Lei Jun argued that the YU7 surpasses the Model Y in several other areas. 'We are offering more value where it counts for Chinese drivers,' he said at the launch event. The company claimed 289,000 YU7 orders were logged within the first hour of sales on Thursday night, over three times the figure achieved by the SU7 at its debut. However, Lei cautioned that some of these may come from scalpers attempting to resell their early positions in the queue. Hundreds of listings offering order slots were spotted on the secondhand trading platform Xianyu. In response, Xiaomi has implemented a two-vehicle purchase cap per customer to deter scalping and ensure fairer distribution. (With inputs from Reuters)
Yahoo
a day ago
- Automotive
- Yahoo
Xiaomi says it received over 200,000 orders for a new car it priced just below Tesla's Model Y in 3 minutes
Xiaomi said it sold more than 200,000 YU7 cars within three minutes of its Beijing launch. The YU7, priced at $35,000, aims to compete with Tesla's Model Y in China. Xiaomi's stock rose as much as 8% in Hong Kong on Friday. Xiaomi launched a car just slightly cheaper than Tesla's Model Y, and it has already attracted hundreds of thousands of buyers. In a Weibo post on Thursday, the Chinese smartphone and electric vehicle maker said it received over 200,000 orders for the YU7 within three minutes of its launch in Beijing. Within an hour of the sale starting, it had more than 289,000 orders for the car, Xiaomi wrote in a second post. The car, which starts at $35,000, is a competitor for the Model Y, China's most popular SUV, which starts at $36,760. Xiaomi's founder and CEO, Lei Jun, repeatedly took jabs at Tesla during the launch event. "Tesla previously said, 'Go ahead and compare,' and we at Xiaomi just won't accept defeat. Today we officially take up Tesla's invite to compare," Lei said on Thursday. Tesla and CEO Elon Musk did not immediately respond to a request for comment from Business Insider. Xiaomi's stock rose 8% to a record high on Friday in Hong Kong following strong order demand. It ended the day up about 3.6% at almost 59 Hong Kong dollars. "YU7 seems to be selling like hot cakes despite slightly higher pricing" than estimated, Jefferies analysts led by Edison Lee wrote in a note on Thursday. "YU7's pricing is slightly below that of Tesla Model Y, but it offers much better specs/performance," the analysts wrote. "Model Y is the main target of YU7, and thus we expect YU7 would be able to take market share from Model Y." Chinese players, including Xiaomi, BYD, the world's largest EV company by sales volume, Nio, and Xpeng, have been undercutting Tesla's prices and gaining market share in China and Europe. The YU7 unveiling adds to the growing EV price war — and Tesla's headaches in the Chinese market. The YU7 is Xiaomi's second car since the company entered the EV sector last year with its SU7 sedan. It is priced below Tesla's Model 3 and has sold more cars than Tesla's Model 3 in China every month since December. It's also attracting some big-name fans in the US. In October, Ford's CEO Jim Farley said he didn't want to give up the Xiaomi SU7 he had been driving for the past half year. Xiaomi's stock is up 72% this year on the back of strong SU7 sales, continued success in the smartphone market, and the addition of home appliances to its product offering. Read the original article on Business Insider Sign in to access your portfolio
