Xiaomi shares soared over 5% on Friday, closing at a record HK$61.10, after the company reported over 200,000 pre-orders for its newly launched YU7 electric SUV within minutes of its debut.
The YU7 starts at RMB 253,500 (approximately $35,300), making it about RMB 10,000 cheaper than Tesla’s Model Y. It marks Xiaomi’s second EV model after the SU7, which recorded impressive sales of 260,000 units in May 2025 alone.
As Xiaomi aggressively expands from smartphones into the highly competitive electric vehicle market, its pricing strategy has been well-received by investors. However, the news also sparked concerns about intensifying price wars, slightly weighing on BYD’s stock price.