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Investing.com-- Xiaomi’s Hong Kong shares soared to a record high on Friday after the company launched its new YU7 electric vehicle to strong preorders, while the vehicle was also priced lower than competitor Tesla (NASDAQ:TSLA).
Xiaomi (OTC:XIACF) surged over 5% to a record high of HK$61.10, outpacing a 0.5% increase in the Hang Seng index.
The tech giant opened up preorders for its new YU7 luxury electric SUV on Thursday, and said it had received more than 200,000 orders within just minutes of the launch.
Xiaomi CEO Lei Jun said that the car will be priced starting from 253,500 yuan ($35,300), which is about 10,000 yuan cheaper than Tesla’s Model Y SUV.
The YU7 is Xiaomi’s second offering in the increasingly crowded EV space, after the Chinese tech giant successfully launched the SU7 EV in 2024. The model sold nearly 260,000 units as of May 2025.
The company views EVs as its next major growth driver, as it moves to diversify beyond its core smartphones and electronic devices businesses.
SU7 orders had fallen off in recent months, as Xiaomi became embroiled in scandals over safety concerns and potentially misleading claims on a performance part for the vehicle.
But the aggressively priced YU7, coupled with the strong pre-order figures, could herald sustained success for the tech giant’s EV ambitions.
Xiaomi still faces a highly competitive EV market in China, with several majors, especially BYD (SZ:002594), engaging in bitter price cuts to undercut competitors and grab a greater market share. BYD’s shares fell slightly on Friday.