Xiaomi’s SU7 SUV a hit with mainland Chinese motorists as bookings reach 240,000

The company said that it received 200,000 pre-orders for the YU7 in just three minutes after bookings opened at 10pm on Thursday, with the number rising to 240,000 by 4pm on Friday.

The 240,000 bookings for the YU7, priced from 253,500 yuan (US$35,366) to 329,900 yuan, are categorised as “locked-in” orders because a deposit of 5,000 yuan cannot be refunded even if the buyer reneges on the agreement.

Such frenzy over a new EV is unprecedented in China, where monthly sales of 10,000 units for a single model are typically considered a success.

“The sales volume the YU7 recorded in only three minutes exceeds the annual deliveries of dozens of electric-car assemblers,” said Tian Maowei, a sales manager at Yiyou Auto Service in Shanghai. “The SUV did pose a real challenge to Model Y, meeting the market expectations even before its official launch.”

The Shanghai Gigafactory-made Model Y, with annual deliveries of more than 480,000 units on the mainland, topped all other SUVs – including petrol-powered cars – last year, according to the China Passenger Car Association.