Xiaomi receives almost 300,000 SUV pre-orders in minutes
BEIJING
Lei Jun, Chairman and CEO of Chinese electronics company Xiaomi, introduces the Xiaomi YU7 car, during a launching event in Beijing on June 26, 2025.
Chinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sports utility vehicles in what the company said was a "miraculous" moment for the industry.
Lei Jun, founder and CEO of the electronics-turned-car company, said he was astonished by the reaction from customers.
"My goodness, in just two minutes, we received 196,000 paid pre-orders and 128,000 lock-in orders," Lei said in a video distributed after the vehicle's launch on June 26 night.
"We may be witnessing a miracle in China's automotive industry."
The company's electric vehicle division said later on its official Weibo account that there had been 289,000 pre-orders for the five-seater YU7, priced from 253,500 yuan (about $35,000), within the first hour of sales.
Xiaomi shares soared eight percent to a record high in Hong Kong after the surge of early orders.
The Beijing-based commercial tech giant made its first foray into car-making with its SU7 EV model last year, part of a broader industry push to boost domestic consumption.
Initial enthusiasm for intelligent driving features in such vehicles was tempered by the fatal crash of a Xiaomi SU7 in March.
The vehicle had been in assisted driving mode just before it crashed, killing three students.
