Chinese electronics firm Xiaomi said it received 240,000 locked-in orders for its newly launched YU7 electric SUV within 18 hours of the vehicle’s debut on June 26, signaling robust demand for its second entry into the competitive EV market.
Buyers were able to secure a YU7 through two methods: a refundable deposit of 5,000 yuan ($700 USD) that becomes locked in after seven days, or a non-refundable 20,000 yuan ($2,800 USD) priority deposit for faster delivery. The company said the latter option had already sold out in the Xiaomi app. Locked-in order figures likely include both priority and manually confirmed deposits.
See also: Everything You Should Know About Xiaomi YU7 Specifications
According to Xiaomi, more than 200,000 orders were placed within the first three minutes of the launch, rising to 289,000 within an hour. While previous figures included refundable preorders, the 240,000 number marks the company’s first disclosure specifically regarding committed, non-refundable orders.
The YU7 follows the successful launch of Xiaomi’s first EV, the SU7 sedan, which generated 90,000 preorders within 24 hours in March 2024. SU7 deliveries have exceeded 272,000 units as of May, according to China EV DataTracker. CEO Lei Jun previously stated that demand for the new YU7 could be three times higher than the SU7, noting the SUV’s wider appeal in a Chinese market where SUV sales outpace sedans by 3 to 1.
See also: Xiaomi Sets Ambitious Target for YU7: Aims to Outsell Tesla Model Y in China
The YU7 starts at 253,500 yuan ($35,300), undercutting the Tesla Model Y’s base price by 10,000 yuan ($1,400) in China. The SUV offers a range of up to 830 kilometers (CLTC), placing it among the most competitive in its segment.