Xiaomi's YU7 EV Sells Out, Prices 10,000 Yuan Below Tesla Model Y

Xiaomi Automobile, the electric vehicle division of Chinese tech giant Xiaomi, has addressed public inquiries regarding the delivery rules for its much-anticipated YU7 model. The company clarified that all orders for the YU7 will be processed in the sequence they are locked in, with earlier locked orders receiving priority for production. Customers have a seven-day hesitation period during which they can modify their configurations or cancel their orders. Once this period ends, the order will be automatically locked, and the deposit will not be refunded.

Xiaomi Automobile has also announced that all its stores nationwide have opened for test drives of the YU7 model. This move is aimed at providing potential customers with a firsthand experience of the vehicle, further boosting its appeal in the market. The company's founder, Chairman, and CEO, Lei Jun, also shared the results of a real-world test of the YU7 on his social media platform, adding to the growing excitement around the model.

The YU7 model, launched on June 26, received an overwhelming response from consumers. The launch event featured two batches of vehicles: the "ready-to-deliver" YU7 Max, priced at 350,400 yuan, and other models. The ready-to-deliver batch, which required a 20,000 yuan deposit, sold out on the launch night itself. This batch is expected to be delivered within 1-5 weeks.

The YU7's pricing strategy is notable for its psychological appeal. The standard version starts at 253,500 yuan, precisely 10,000 yuan below the refreshed Tesla Model Y. The Pro version is priced at 279,900 yuan, and the Max version at 329,900 yuan, effectively targeting the 250,000 to 350,000 yuan price segment. This strategic pricing has contributed to the model's success, with a significant number of orders placed within just one hour of its launch.

Xiaomi Automobile has also addressed concerns about the delivery timeline. The company confirmed that the delivery of the YU7 could take up to 56 weeks, depending on the order sequence and configuration. This has led to a secondary market where resellers are offering the YU7 at a premium, with some listings showing a markup of up to 17,000 yuan.

The YU7's success underscores Xiaomi's growing influence in the electric vehicle market. The company's ability to generate significant interest and sales within a short period highlights its strong brand appeal and effective marketing strategies. As Xiaomi continues to expand its automotive division, the YU7 serves as a testament to the company's potential in the competitive EV landscape.