Xiaomi began sales of its second electric vehicle, the YU7 SUV, on Thursday night, pricing the base model at 253,500 yuan, or about $35,360.
The YU7 is nearly 4% cheaper than Tesla’s Model Y, which starts at 263,500 yuan in China.
In the first three minutes after orders opened at 10 p.m. (1400 GMT), Xiaomi received 200,000 bookings for the YU7. Within the first hour, total orders rose to 289,000.
This was more than triple the first-hour orders for the SU7 sedan, Xiaomi’s first electric car, launched last year.
The YU7 comes in three versions. The Pro model is priced at 279,900 yuan, while the Max model is listed at 329,900 yuan.
All versions are now open for orders in China.
Xiaomi said the YU7 has a maximum range of 835 kilometers per charge. Tesla’s redesigned Model Y, launched in January, offers up to 719 kilometers.
Xiaomi plans to work with BYD, GAC Toyota, and Zhengzhou Nissan to develop a connected ecosystem linking cars, homes, and smart devices.
Xiaomi entered the auto market in 2024 with the SU7 electric sedan, which has regularly outsold Tesla’s Model 3 in China since December. In March, Xiaomi raised its 2025 EV delivery target to 350,000 units, up from 300,000.
The company recently bought land in Beijing for 635 million yuan to expand its EV operations. Xiaomi’s founder and CEO Lei Jun said the company expects its auto unit to turn a profit in the second half of this year.
Following the YU7 launch, Xiaomi’s shares rose by 8% to a record high on Friday before trimming gains to 3%. The stock has climbed over 70% in 2025, valuing the company near $200 billion.
