Key points
- Xiaomi has received 289,000 orders for the YU7
- CEO was astonished by reaction from customers
- Xiaomi shares soared 8pc to record high in Hong Kong
BEIJING: Chinese electric vehicle maker Xiaomi has 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.
AFP reported Lei Jun, founder and CEO of the electronics-turned-car company, said he was astonished by the reaction from customers.
The company has received 289,000 orders for the YU7, Reuters cited CEO Lei Jun as saying. “We may be witnessing a miracle in China’s automotive industry”.
A record high
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, according to AFP.
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.
China’s Premier Li Qiang at the World Economic Forum in Tianjin this week emphasising policies to stimulate demand for high-value goods such as electric vehicles, AFP reported.
