The actions of Xiaomi Corp. increased by 8% for life after the smartphone manufacturer has scored solid initial orders for a sports utility vehicle of $ 35,000 intended to compete with the Y model of Tesla Inc. in China.
Thursday, the company removed the 253,500 yuan ($ 35,360) Yu7, making its debut on its second car in a crowded market while attacking a meticulous examination on its assisted driving technology. Xiaomi scored 289,000 more anticipated orders at its first hour of availability.
The founder of Xiaomi, Lei Jun, attacked Tesla head on during the launch event on Thursday, stacking her vehicle against the Y model while comparing the devices with the iPhone. The price of the YU7 – largely in line with analysts’s expectations – goes to just under 263,500 yuan for the latest version of Model Y, the most popular SUV in China. Byd co. SUV TANG LSlightly smaller than the YU7, sells between 239,800 yuan and 289,800 yuan.
“We are going to face the greatest competitor and face fierce challenges from all other manufacturers,” Lei said at Beijing’s launch event.
Lei, who passed glory with daring plans to overthrow Apple Inc. in China, is counting on electric vehicles to face Tesla by Elon Musk and fuel the last chapter of her entrepreneurial career. He pushed Xiaomi into new arenas from flea design to AI glasses, committing to spending 200 billion yuan in five years to try to transform Chinese society into a world leader in devices.
The company began to take pre -orders Thursday with a deposit of 5,000 yuan. In a surprise touch, Lei said that buyers of the first Xiaomi car – the SU7 sedan – have three days to go to the SUV if they did not take delivery of the original vehicle. Xiaomi announced shortly after the event he had dealt with more than 200,000 pre -orders for the YU7 within three minutes.
“Consumer demand for the Xiaomi Yu7 far exceeds our expectations and our expectations of the market, which should allow Xiaomi to continue to consolidate its leadership position on the premium automotive market in China,” analysts Goldman Sachs Group Inc., including Timothy Zhao. They increased their share target on stocks from 6% to $ 69 HK.
THE top model Go 329,900 yuan and can travel 760 kilometers (470 miles) on a single load and accelerates 100 kilometers per hour in 3.23 seconds. They are available in 9 colors, all equipped with LIDAR, which strengthens driver’s assistance technology and a platform of 800 volts for fast charging. Many present the keys and equipment now familiar to Chinese drivers, large touch screens and massage chairs at the drawers.
The new model will be a key test for Xiaomi cars after a fatal accident involving a SU7 sedan that started careful examination Chinese authorities and hammered orders.
The beginnings of the YU7 coincide with the increased concerns of the Chinese authorities concerning an extent price war. Byd, Xiaomi and more than a dozen other car manufacturers have been warned of self -regulate And prevent the use of used “zero millege” cars to inflate sales figures and pay for suppliers in time to improve the overall cash flow of the entire supply chain.
Lei remains confident about the prospects of Xiaomi’s foray into cars, predict that the new model will help the company’s EV unit profitability In the second half, one of the fastest brands to reach this stage in the automotive sector.
Investors have warmed up to this vision, by sending sharing to the north. Now around 200 billion dollars, it is larger than Byd – the EV power which dominates the Chinese market – and its SU7 is for sale of Tesla Model 3 so far this year.
Beyond the cars, the event on Thursday also presented a pair of AI glasses with black mount of 1,999 yuan which can film the video and answer questions from the visual indices; The Flip 2 mixture, the new folding phone from Xiaomi; and a tablet that uses its internal Xring O1 chip.
