Xiaomi’s Debut Electric SUV Receives 300,000 Pre-Orders in Just One Hour
Chinese electric vehicle manufacturer Xiaomi has made a remarkable entrance into the automobile industry with its inaugural sport utility vehicle, the YU7. Within the first hour of sales, the company amassed nearly 300,000 pre-orders, a feat that has been described as “miraculous” by industry experts.
The founder and CEO of Xiaomi, Lei Jun, expressed his astonishment at the overwhelming response from customers. “In just two minutes, we received 196,000 paid pre-orders and 128,000 lock-in orders,” Lei said in a video released after the vehicle’s launch on Thursday night.
The YU7, a five-seat SUV with a starting price of 253,500 yuan (approximately $35,000), received 289,000 pre-orders in the initial hour of sales, according to Xiaomi’s electric vehicle division’s official Weibo account.
Following this remarkable achievement, Xiaomi’s shares on the Hong Kong Stock Exchange experienced an eight per cent surge, reaching an all-time high before closing at a slightly lower level.
Last year, Xiaomi ventured into car manufacturing with the introduction of the SU7 EV model as part of a broader initiative to boost domestic consumption. However, initial excitement surrounding the intelligent driving features of these vehicles was dampened by a tragic accident in March involving a Xiaomi SU7 in assisted driving mode, resulting in the loss of three lives, including students.
At the World Economic Forum in Tianjin this week, Premier Li Qiang emphasized China’s ambition to become a significant consumer powerhouse. Policies aimed at stimulating demand for high-value products like electric vehicles are central to this strategy.
