Xiaomi has launched the YU7 SUV, priced at 253,500 yuan, targeting Tesla's Model Y. The vehicle features advanced tech and strong performance, with over 200,000 pre-orders in three minutes.

For those looking for all-wheel drive, the Pro version is available at RMB 279,900 ($37,900). Featuring the same 96.3 kWh LPF battery as the Standard model, it has dual motors producing a combined 489 hp (365 kW) and offers a claimed range of 770 km (478 miles), again, based on the optimistic CLTC cycle.

Xiaomi Corp.’s shares rose 8% to a lifetime high after the smartphone maker drew strong initial orders for a $35,000 sport utility vehicle intended to compete with Tesla Inc.’s Model Y in China. The company on Thursday took the wraps off the 253,