Xiaomi has officially rolled out its YU7 high-performance, electric SUV, with a shockingly competitive price of just RMB 253,500 ( P1.989 million before taxes ). The Chinese tech company then saw over 300,000 reservations within hours after the prices were announced.

The company received 289,000 orders for the YU7 - only its second vehicle and one that undercuts Tesla's Model Y in price by nearly 4% - in its first hour on sale, according to CEO Lei Jun. That was more than three times the level for its SU7 electric sedan launched in March last year and easily exceeded market expectations of around 100,