Xiaomi SUV pre-orders hit 300,000 in minutes, shares soar
BEIJING: Chinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sport utility vehicles in what the company said was a 'miraculous' moment for the industry.
Lei Jun, founder and CEO of the electronics-turned-car company, said he was astonished by the reaction from customers.
'My goodness, in just two minutes, we received 196,000 paid pre-orders and 128,000 lock-in orders,' Lei said in a video distributed after the vehicle's launch on Thursday night.
'We may be witnessing a miracle in China's automotive industry.'
The company's electric vehicle division said later on its official Weibo account that there had been 289,000 pre-orders for the five-seater YU7, priced from 253,500 yuan (about $35,000), within the first hour of sales.
Xiaomi's Hong Kong-listed shares soared eight percent at one point before paring their gains but ending at a record high.
The Beijing-based commercial tech giant made its first foray into car-making with its SU7 EV model last year, part of a broader industry push to boost domestic consumption.
Initial enthusiasm for intelligent driving features in such vehicles was tempered by the fatal crash of a Xiaomi SU7 in March. The vehicle had been in assisted driving mode just before it crashed, killing three students.
Premier Li Qiang used the World Economic Forum in Tianjin this week to outline China's ambition to become a 'major consumption powerhouse', emphasising policies to stimulate demand for high-value goods such as electric vehicles.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Malaysia Sun
an hour ago
- Malaysia Sun
Economist sees strong Chinese arrivals to sustain Malaysia's tourism growth
Xinhua 27 Jun 2025, 16:15 GMT+10 KUALA LUMPUR, June 27 (Xinhua) -- Despite the gloomy economic outlook, Hong Leong Investment Bank foresees that tourism strength in Malaysia remains intact, underpinned by strong Chinese tourist arrivals. The research house said in a report on Thursday that Malaysia's first-quarter tourism numbers have been strong, seeing that tourist arrivals and receipts grew by 10 percent and 24 percent year-on-year, respectively, to 6.4 million and 27.5 billion ringgit (6.5 billion U.S. dollars), while the average spending per tourist has climbed to 4,300 ringgit. "This can be attributable to the sharp spike in Chinese tourist arrivals during the first three months of the year (+27 percent year-on-year)," it noted. Tourism Malaysia has set a record tourist arrival target of 31.3 million and 125.5 billion ringgit in receipts for 2025, marking an ambitious growth aspiration of 25 percent and 23 percent year-on-year, respectively. Hong Leong highlighted that Chinese tourists tend to have a longer vacation in Malaysia and are higher spenders. The research house also gathered that Malaysia was the most visited country in Southeast Asia in the first quarter, saying that the country has benefited from being the ASEAN chairman and campaigns running up to Visit Malaysia Year 2026. For next year, Tourism Malaysia targets 35.6 million in tourist arrivals (+14 percent year-on-year) and 147.1 billion ringgit in receipts (+17 percent year-on-year). (1 ringgit equals 0.24 U.S. dollars)
The Sun
2 hours ago
- The Sun
US-China deal speeds up rare earth exports from China
WASHINGTON: The United States and China have resolved issues surrounding shipments of rare earth minerals and magnets to the U.S., Treasury Secretary Scott Bessent said on Friday, ironing out a dispute that stalled a deal reached in May. As part of its retaliation against new U.S. tariffs, China suspended exports of a wide range of critical minerals and magnets, upending supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world. During U.S.-China trade talks in May in Geneva, Beijing committed to removing the measures imposed since April 2, but those critical materials were not moving as fast as agreed, Bessent said in an interview with Fox Business Network, so the U.S. put countermeasures in place. 'I am confident now that we -- as agreed, the magnets will flow,' Bessent said. Efforts to resolve the dispute included a phone call between U.S. President Donald Trump and Chinese President Xi Jinping which led to teams from both sides meeting again in London, as negotiators try to end a trade war between the world's biggest economies. Trump said on Thursday the United States had signed a deal with China the previous day, but did not provide details. A White House official said the United States has reached an agreement with China on how to expedite rare earth shipments to the U.S. 'The administration and China agreed to an additional understanding for a framework to implement the Geneva agreement' that involved expediting their shipments to the U.S., the official said on Thursday. China's commerce ministry said on Friday the two countries have confirmed details on the framework of implementing the Geneva trade talks consensus. It said China will approve export applications of controlled items in accordance with the law. It did not mention rare earths. China has dual-use restrictions in place on rare earths which it takes 'very seriously' and has been vetting buyers to ensure that materials are not diverted for U.S. military uses, according to an industry source. This has slowed down the licensing process. The Geneva deal faltered over China's curbs on critical minerals exports, prompting the Trump administration to respond with export controls of its own preventing shipments of semiconductor design software, aircraft and other goods to China. In early June, Reuters reported China had granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers, according to two sources familiar with the matter, as supply chain disruptions began to surface. Later in the month, Trump said there was a deal with China in which Beijing would supply magnets and rare earth minerals while the U.S. would allow Chinese students in its colleges and universities. While the agreement shows potential progress following months of trade uncertainty and disruption since Trump took office in January, it also underscores the long road ahead to a final, definitive trade deal between the two economic rivals.
The Sun
3 hours ago
- The Sun
World Bank urges aid for conflict-hit economies amid US aid cuts
THE goal of ending extreme poverty around the globe remains elusive partly due to compounding challenges faced by economies in fragile and conflict-affected situations (FCS) including food insecurity and weak government capacity, a report from the World Bank showed. The report released on Friday by the Washington-based lender calls on a scaling up of international support, debt relief and technical assistance at a time when the United States, the world's largest aid donor of the past decades, steps back. Extreme poverty is rising fast in economies hit by conflict and instability, according to the World Bank's first comprehensive report on FCS economies since the COVID-19 pandemic. Over 420 million people in conflict-ridden economies survive on less than $3 a day, more than the rest of the world combined, even as they are home to under 15% of the global population. The number is projected to rise to 435 million, or nearly 60% of the world's extreme poor, by 2030. 'FCS economies have become the epicenter of global poverty and food insecurity, a situation increasingly shaped by the frequency and intensity of conflict,' the World Bank report said. Economic output in FCS nations could stall or weaken further as conflict and violence have surged and intensified over the past years. The most high-intensity conflicts can shrink per capita GDP by some 20% after five years, according to the report. Conflict and war economies are home to 1 billion people and their populations average only six years of schooling, with life expectancy seven years shorter than in other developing countries. Since 2020, the per capita GDP in these economies has shrunk by an average of 1.8% per year, while it has expanded by 2.9% in other developing economies, the report said. 'Progress on poverty reduction has stalled since the mid-2010s, reflecting the compounded effects of intensifying conflict, economic fragility, and subdued growth,' it said. Targeted domestic reforms and coordinated, long-term global engagement are needed to lift those populations out of poverty, according to the World Bank. Measures need to focus on addressing root causes of conflict such as injustice and exclusion, as well as expanding access to education and healthcare, and improving infrastructure. Investment in tourism and agriculture could help create jobs for a growing working-age population. 'With sound policies and sustained global engagement, FCS economies can chart a better path toward development,' said the World Bank.
