It was announced as China’s latest Tesla Y-killer, and it lives up to the expectations, creating a virtual ‘stampede’ within minutes of its official launch on Thursday. Xiaomi claims to have received over 200,000 confirmed orders in three minutes for its newest YU7 electric SUV, a vehicle that resembles a Ferrari Purosangue and nearly outperforms it. Except for the price: 253,500 yuan, or approximately 30,240 euros, instead of €387,431 as the latter.
That price must hurt Elon Musk, as the YU7 undercuts the Tesla Model Y, China’s bestselling EV in 2024, by 10,000 yuan or 1,190 euros. And to give Elon Musk even more reasons to dislike his peer, Xiaomi’s CEO, Lei Jun, saw his company’s stock prices hit all-time highs as a result, making him the wealthiest man in China.
The Steve Jobs of China
Actually, Lei Jun was called rather the ‘Steve Jobs’ of China, as his story mimics that of Apple’s most iconic figure more than Elon Musk’s. Lei Jun, Founder, CEO, and President of Xiaomi Corporation, was born on December 16, 1969, in Xiantao, Hubei Province, China.
He grew up in a humble household where both parents were teachers. His father earned about $7 a month. But the young Lei was fascinated by electronics at an early age, demonstrating his skills by building a lamp from spare parts, for instance.
He graduated in 1991 from Wuhan University with a degree in Computer Science and joined Kingsoft, a major Chinese software and internet services company, where he became CEO in 1998. Kingsoft was one of China’s pioneering software companies, recognized in Asia and worldwide for its Microsoft Office alternative, WPS Office, which is available in over 40 languages and used by more than 550 million people.
Selling an online bookstore to Amazon
Between 2000 and 2004, he ventured into a different branch, founding Joyo.com, an online bookstore, which he sold later to Amazon for $75 million. Other domains he invested in included live streaming and social media with YY, as well as mobile internet browsing with UCWeb.
In 2021, he co-founded Xiaomi, an electronics giant which, like Apple, disrupted the smartphone market in Asia by selling feature-rich devices at affordable prices, eventually becoming the world’s third-largest smartphone maker. But like Steve Jobs and Apple, he dreamed of venturing into the world of (electric) cars, as mobility and communication technologies grew closer together.
10 billion yuan for Xiaomi Auto
But Xiaomi succeeded where the Apple Car failed. In 2021, the company announced a 10 billion yuan (€1.19 billion) investment to launch the Xiaomi Auto subsidiary. Finally, in late 2023, Xiaomi’s first EV, the SU7, began production and started selling like hot cakes.
Xiaomi flabbergasted the world with its SU7 Ultra prototype, which has become the fastest 4-door car on the Nürburgring Nordschleife. It recorded a time of 6 minutes 46.874 seconds, making it quicker than the Ferrari 296 GTB, the Porsche 918 Spyder, or the Rimac Nevera.
100.000 SU7s sold in 230 days
With deliveries starting in April 2024, Xiaomi set a first target for the end of the year of 100,000 units, and achieved it in just 230 days by November.
By May 2025. Xiaomi’s first product was perceived so well that it prompted Jim Farley, Ford’s CEO and head of the world’s sixth-largest car company, with 177,000 employees working for him, to make a striking confession. He has been driving a Chinese Xiaomi SU7 fully electric car around Detroit for the last six months and didn’t want to give it up.
By May 2025, Xiaomi says it has already sold 258.000 units of its sedan, the SU7. The second Xiaomi model, the YU7, revealed in China in May 2025, is a relatively large electric SUV built on the company’s Modena platform. It measures 4999 mm in length, 1996 mm in width, and 1608 mm in height, with a 3000 mm wheelbase.
Ferrari-like performance
It is offered in three configurations: the YU7 RWD, featuring a single 235 kW rear motor, 528 Nm of torque, and a 0–100 kph acceleration time of 5.9 seconds, with a top speed of 240 kph. Secondly, the YU7 Pro AWD features dual motors and a combined output of 365 kW, with 690 Nm of torque, accelerating from 0 to 100 kph in 4.3 seconds and reaching a top speed of 240 kph. And finally, the YU7 Max AWD, which also features two motors that develop 508 kW and 866 Nm, achieving 0–100 kph in 3.2 seconds and a top speed of 253 kph.
United Automotive Electronics (UAES) supplies the motors, with the Max version using a 220 kW front and 295 kW rear motor. All variants run on Xiaomi’s 800V silicon carbide high-voltage platform and use V6s Plus motors, enabling charging speeds that can add up to 620 km of range in 15 minutes.
The following are the battery configurations and (optimistic) CLTC range estimates. The RWD features a 96.3 kWh LFP battery, providing a range of 835 km. The Pro AWD has the same battery, providing a 770 km CLTC range. The Max AWD, on the other hand, features a 101.7 kWh NCM battery, offering a 760 km range.
