Chinese tech big Xiaomi shocked the electrical car (EV) market on Thursday night time after it obtained an overwhelming response to the launch of its new electrical SUV, the YU7, clocking 289,000 pre-orders throughout the first hour of gross sales. The flood of demand despatched the corporate’s Hong Kong-listed shares hovering to a record high, reinforcing Xiaomi’s speedy rise in China’s aggressive EV sector.According to information company AFP, Xiaomi founder and CEO Lei Jun expressed astonishment on the unprecedented buyer curiosity. “My goodness, in just two minutes, we received 196,000 paid pre-orders and 128,000 lock-in orders,” Lei mentioned in a video following the launch. “We may be witnessing a miracle in China’s automotive industry.”The YU7, a five-seater electrical SUV, begins at 253,500 yuan (round $35,360), pricing it nearly 4% beneath Tesla’s Model Y in China. The sharp worth level and Xiaomi’s aggressive characteristic set seem to have fueled the speedy pre-sale demand. The car boasts a spread of as much as 760 kilometres on a single cost, considerably above the 719 kilometres marketed for Tesla’s extended-range Model Y.Reuters reported that the YU7’s early orders surpassed market expectations of 100,000 and have been greater than triple the preliminary response to Xiaomi’s debut sedan, the SU7, launched final yr. Analysts at Jefferies famous that whereas the YU7 is “slightly below” Tesla’s Model Y in worth, it “offers much better specs and performance.” Citi analysts, as cited by Reuters, warned that Tesla may have to supply extra incentives and even minimize costs to maintain tempo with Xiaomi’s momentum.The YU7 additionally consists of high-end tech options like Apple CarPlay, Apple Music help, and AI-enhanced driver-assist capabilities powered by Nvidia’s Thor chip. Despite being behind Tesla in full self-driving know-how, Lei Jun claimed the YU7 beats the Model Y “on a range of metrics.”As per CNBC, the launch was initially deliberate for July however was moved up, presumably to capitalise on robust market momentum and an intensifying EV worth battle in China. The car will start deliveries inside one to 5 weeks.Beyond vehicles, Xiaomi additionally launched AI-enabled sensible glasses that may take images, scan QR codes for funds, and carry out real-time translations, positioning the model in opposition to Meta’s Ray-Ban sensible choices. Priced at 1,999 yuan ($279), the glasses are at present obtainable solely in China.The launch comes at a vital time for China’s economic system. Premier Li Qiang, talking on the World Economic Forum in Tianjin this week, highlighted EVs as a cornerstone of Beijing’s push to turn out to be a “major consumption powerhouse.” The Xiaomi launch aligns with that technique, serving to drive demand for high-value, tech-forward merchandise.Following the overwhelming reception, Xiaomi’s inventory jumped 8% in early commerce earlier than paring features to finish 3% increased. According to Reuters, its market capitalisation has now surpassed $200 billion, making it the best-performing large-cap inventory in the Asia-Pacific area this yr.