Jun. 27 at 9:01 AM
$PTN $XIACF
CHINA'S XIAOMI RECEIVES ALMOST 300,000 SUV PRE-ORDERS IN MINUTES
The exceptionally strong initial orders for Xiaomi's YU7 electric sport utility vehicle fanned speculation that Tesla may have to cut prices to fight back.
BEIJING: 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 Thursday night (Jun 26). "We may be witnessing a miracle in China's automotive industry."
