News | Business
1 Jul 2025 8:22
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • News
  • Sport
  • Weather
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    China's EV newcomer Xiaomi sells nearly 300,000 SUVs in an hour

    The founder of Chinese electric vehicle maker Xiaomi says he is "astonished" by the reaction from customers.

    30 June 2025

    Chinese electric vehicle maker Xiaomi has received 289,000 pre-orders for its first sport utility vehicles within an hour of launching, in what the company says was a "miraculous" moment for the industry.

    The thousands of pre-orders were for the Beijing-based tech giant's five-seater YU7, priced from 253,500 yuan ($54,000).

    Xiaomi, sometimes referred to as China's Apple, is the world's second-largest smartphone manufacturer.

    Founder and chief executive of the electronics-turned-car company, Lei Jun, said he was astonished by the reaction from customers.

    "My goodness, in just 2 minutes, we received 196,000 paid pre-orders and 128,000 lock-in orders," Mr Jun said in a video distributed after the vehicle's launch.

    "We may be witnessing a miracle in China's automotive industry."

    After the launch, Xiaomi's Hong Kong-listed shares soared 8 per cent at one point before pulling back slightly but ending at a record high.

    The YU7 is Xiaomi's second vehicle and one that undercuts Tesla's Model Y in price by nearly 4 per cent.

    The Model Y is China's best-selling SUV and starts at 263,500 yuan ($56,000).

    Marina Zhang, a China expert at the University of Technology Sydney, said Xiaomi's move into electric vehicles was backed by strong government support.

    "In 2021, Xiaomi announced a $US10 billion investment over a decade to establish itself in the EV sector," she said.

    "A key factor behind this was Beijing's push to make China a global leader in EVs, with local authorities providing incentives, land, and policy support."

    Shi, a 26-year-old financial consultant and Tesla owner who wanted to only be identified by his surname, said he was considering buying a YU7 for his father.

    "At this price, it's just really reasonable — it's totally in the same range as Model Y," he said.

    "Two weeks ago, during the launch event, Lei Jun said they were aiming straight at Tesla, and I think that's completely justified."

    But Dr Zhang said while Xiaomi's entry into the EV market introduced more competition, it was "unlikely to pose an immediate major threat" to major players like Tesla and BYD.

    "Its success hinges on production execution, software differentiation and international expansion," she said.

    Fatal crash leaves some concerned

    Xiaomi made its first foray into car making with its SU7 EV model last year as part of a broader industry push to boost domestic consumption.

    But initial enthusiasm for intelligent driving features in such vehicles was tempered by the fatal crash of a SU7 sedan in March.

    The vehicle had been in assisted driving mode just before it crashed, killing three students.

    The incident sparked widespread concern over autonomous driving technology and vehicle safety.

    Xiaomi said at the time that initial information showed the car was in the "navigate on autopilot" intelligent-assisted driving mode before the accident and was moving at 116 kilometres per hour.

    In a rundown of the data submitted to local police posted on a company Weibo account, Xiaomi said the autopilot system had issued a risk warning of obstacles ahead.

    A driver inside the car took over and tried to slow it down but then collided with a cement pole at a speed of 97kph.

    ABC/wires

    © 2025 ABC, NZCity


     Other Business News
     01 Jul: Foodstuffs is trialling the use of reusable plastic deli containers in six stores
     01 Jul: Positive signs when it comes to consumer arrears - but some businesses are still doing it tough
     01 Jul: Experts warn of global economic turmoil ahead of Donald Trump's tariff deadline
     01 Jul: The Finance Minister says changes to the FamilyBoost scheme are on their way
     30 Jun: Transpower's dispelling worries Kiwis might not have enough power next winter
     30 Jun: House prices have remained static since January
     30 Jun: House sales are up, but not prices
     Top Stories

    RUGBY RUGBY
    All Blacks coach Scott Robertson' laying down a statement of intent to start the first test week of the year More...


    BUSINESS BUSINESS
    Foodstuffs is trialling the use of reusable plastic deli containers in six stores More...



     Today's News

    Tennis:
    Two-time defending champion Carlos Alcaraz has won his first round tennis match at Wimbledon in five sets against 38-year-old Fabio Fognini  8:07

    Environment:
    Western Europe heatwave fuels fires and closes schools as records tumble 7:57

    Business:
    Foodstuffs is trialling the use of reusable plastic deli containers in six stores 7:57

    Health & Safety:
    The 24/7 nationwide telehealth service is now officially up and running 7:47

    Soccer:
    A new British football club for All Whites striker Ben Waine 7:37

    Law and Order:
    The jury is deliberating on the fate of Sean 'Diddy' Combs. Here's a recap of the trial 7:27

    Netball:
    Silver Ferns shooter Amelia Walmsley headlines 23 trialists named to contend for the 12-strong New Zealand under-21s squad ahead of netball's Youth World Cup in September 7:27

    Business:
    Positive signs when it comes to consumer arrears - but some businesses are still doing it tough 7:17

    Business:
    Experts warn of global economic turmoil ahead of Donald Trump's tariff deadline 7:07

    Business:
    The Finance Minister says changes to the FamilyBoost scheme are on their way 5:47


     News Search






    Power Search


    © 2025 New Zealand City Ltd