Xiaomi has sent shockwaves through the electric vehicle market with its new YU7 SUV, securing over 200,000 firm orders in just three minutes after launch. The Chinese smartphone giant’s second electric vehicle is priced from 253,500 yuan ($35,360), deliberately undercutting Tesla’s popular Model Y by nearly 4% or about $1,400. The YU7’s remarkable launch reception exceeded the initial orders for Xiaomi’s first vehicle, the SU7 sedan, by more than three times. Within the first hour, orders reached 289,000, far surpassing market expectations of around 100,000 units. “We expect YU7 would significantly erode Tesla Model-Y’s China market share,” said Citi analyst … Continue reading Xiaomi YU7 SUV Records 200,000 Orders in 3 Minutes, Challenging Tesla Model Y with Lower Price and Longer Range