Xiaomi Shares Hit Record as New EV Undercuts Tesla

Xiaomi’s stock surged over 5% to record highs after the tech giant unveiled its new YU7 electric SUV, priced aggressively below Tesla’s Model Y. The luxury EV, revealed Thursday, starts at 253,500 yuan ($35,322)—10,000 yuan cheaper than its Tesla rival.

Within three minutes, the YU7 racked up over 200,000 preorders, signaling strong market reception. The model boasts a 760 km range, topping Tesla’s 719 km version, and includes AI-powered features and support for Apple CarPlay.

Xiaomi CEO Lei Jun said deliveries would begin within weeks. The launch marks a bold move in China’s intensifying EV price war and follows the successful debut of Xiaomi’s SU7 sedan last year.