Xiaomi Corp.'s shares hit an all-time high following the launch of the YU7 SUV, aimed at competing with Tesla's Model Y in China. The vehicle garnered an impressive 289,000 orders in its release hour, reflecting significant consumer interest. Founder Lei Jun directly challenged Tesla during the launch, highlighting the competitive landscape. Analysts noted the YU7's pricing is strategically set just below the Model Y's, and Xiaomi is aiming to strengthen its position in the premium EV market. With bold plans for expansion, Xiaomi's aggressive move into the automotive sector marks a new chapter for the brand.
Xiaomi drew a better-than-anticipated 289,000 orders in its first hour of availability, showcasing strong consumer interest in the new YU7 SUV.
We're going to face the biggest competitor, and also face fierce challenges from all the other manufacturers,” said Xiaomi founder Lei Jun during the launch.
Consumer demand for Xiaomi's YU7 far exceeds our and market expectations, which should enable Xiaomi to continue consolidating its leadership position in the premium auto market in China.
The YU7's price comes in just under the latest version of the Model Y, indicating a competitive strategy in the EV market.
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