Xiaomi's new YU7 EV, priced just under Tesla's Model Y, garnered over 200,000 orders in minutes, hitting 289,000 in an hour.

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.