Xiaomi YU7 receives 240,000 orders in 18 hours of launch

Xiaomi's shares saw record high growth on Friday after the company's latest e-SUV, the YU7, received around 240,000 orders within 18 hours of its launch.

The total order received includes both payment for delivery-ready vehicles and pre-booking amounts for yet-to-be-manufactured vehicles. 

The update marks the strengthening foothold of Xiaomi in the electric vehicle market, intensifying the tussle with Tesla.

The YU-7 comes as the second electric ride in the company's fleet after the SU7 sedan launched in March last year.

At 253,500 yuan (about $35360), the YU7 is over 4% less expensive than Tesla's Model Y, which feeds rumours that the US automaker could have to offer price reductions or new incentives in order to keep its market share, livemint has reported.

Citing Citi analysts in a client note, Livemint reported, “Tesla may be forced to reduce prices further or consider bundling its Full Self-Driving (FSD) system for free to stay competitive.”

The YU7 SU

The YU7 specifications include a battery pack of 96.3kWh, which can provide a range up to 835km on a single charge. Meanwhile, the Tesla Model Y has a battery pack of 78.4kWh and can give a range of 719km. 

The YU7 features rapid charging, under-seat storage drawers and free driver-assistance software, which costs around 64,000 yuan extra in the Tesla Model Y.