Xiaomi’s latest electric SUV YU7 gets 200,000 orders within 3 minutes; shares surge

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Xiaomi Corp.’s shares rose 8% to a record high after the smartphone maker drew strong initial orders for a $35,000 sport utility vehicle intended to compete with Tesla Inc.’s Model Y in China.

The company on June 26 took the wraps off the 253,500 yuan ($35,360) YU7, debuting its second car in a crowded EV market while grappling with scrutiny over its assisted-driving technology. Xiaomi drew a better-than-anticipated 289,000 orders in its first hour of availability.

Xiaomi founder Lei Jun attacked Tesla head-on during Thursday’s launch event,…



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Xiaomi’s latest electric SUV YU7 gets 200,000 orders within 3 minutes; shares surge


Xiaomi Corp.’s shares rose 8% to a record high after the smartphone maker drew strong initial orders for a $35,000 sport utility vehicle intended to compete with Tesla Inc.’s Model Y in China.

The company on June 26 took the wraps off the 253,500 yuan ($35,360) YU7, debuting its second car in a crowded EV market while grappling with scrutiny over its assisted-driving technology. Xiaomi drew a better-than-anticipated 289,000 orders in its first hour of availability.

Xiaomi founder Lei Jun attacked Tesla head-on during Thursday’s launch event,…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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