Xiaomi has successfully launched its YU7 car, priced at $35,000, which competes with Tesla's Model Y in China. Within minutes of its launch in Beijing, orders soared to over 200,000 and exceeded 289,000 within an hour. The company's CEO, Lei Jun, confidently challenged Tesla during the event, reflecting aggressive competition in China's EV market. Following the remarkable demand for YU7, Xiaomi's stock rose sharply, showcasing investor confidence in its entry into the automotive sector and its potential to capture market share from established players like Tesla.
Xiaomi launched the YU7 car at $35,000, receiving over 200,000 orders in three minutes, aiming to rival Tesla's Model Y in China's EV market.
According to Jefferies analysts, the YU7's specifications and performance could lead it to capture market share from Tesla's Model Y despite a competitive pricing strategy.
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