Tesla Model Y-rival Xiaomi YU7 SUV Receives Nearly 300,000 Orders In 1 Hour In China

Xiaomi Corp XIACY XIACF unveiled the company's first all-electric SUV, the YU7, as a rival to Tesla Inc. TSLA Model Y.

What Happened: Xiaomi took to the Chinese social media platform Weibo to announce that it had received over 289,000 orders for its YU7 SUV on Thursday, after the company said it received over 200,000 orders in just 3 minutes.

Source: Xiaomi via Weibo

The YU7 is available in three variants: Standard, Pro and Max. The SUV retails for around 253,500 RMB or approximately $35,000 for the standard variant. The range-topping Max variant comes in at around 329,900 RMB or over $46,000.

Source: Xiaomi via Weibo

The base standard variant undercuts the Tesla Model Y, which was the best-selling SUV in China, by 10,000 RMB or $1,400. It offers a claimed range of 515 miles on a single charge. The Max variant offers AWD and a claimed range of 472 miles with NMC batteries.

Why It Matters: Xiaomi's SUV comes in as China's EV price war shows little signs of relenting, with several manufacturers offering aggressive discounts to drive up sales.

Several Chinese manufacturers are unveiling new models. BYD Co. Ltd. BYDDY BYDDF also launched its Seal 06 EV sedan, priced at over $15,000. The EV undercut Tesla's Model 3 by almost half.

Tesla, despite experiencing a strong May sales surge, experienced a decline in sales in China during June. The company's new insured registrations fell by over 11%.

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