Billionaire’s EV sells out in minutes

A new electric SUV backed by a tech billionaire who has made his money via smartphones has taken the car market by storm.

First it was smartphones and now it’s electric vehicles.

Xiaomi founder Leo Jin’s company has launched its latest electric SUV – the YU7 and it’s already a hit.

Within minutes, more than 200,000 orders flooded in.

With a sleek exterior, impressive spec sheet and an approximately starting price of AUD $54,000, the YU7 is a direct threat to BYD, Zeekr and Tesla.

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People look at a Xiaomi YU7 car at a showroom of Xiaomi store in Nanjing, in eastern China's Jiangsu province on June 26, 2025. (Photo by AFP) / China OUT

At over 5 metres long the SUV is offered in three variants – Standard, Pro and Max.

The standard offers 235kW, 528Nm and up to 853km range (CLTC).

Pro offers dual-motor all-wheel drive, 365kW and 690Nm, same battery with slightly lower range at 770 km.

The Max offers dual-motor AWD, this time pushing out a staggering 508kW and 866Nm, with a 101.7 kWh NCM battery.

It’ll sprint from 0–100 km/h in 3.2 seconds, which is seriously fast for an SUV.

All models support ultra fast charging with the ability to add 620km of range in just 15 minutes.

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Lei Jun, Chairman and CEO of Chinese electronics company Xiaomi, introduces the Xiaomi YU7 car, during a launching event in Beijing on June 26, 2025. (Photo by WANG Zhao / AFP)

Inside the YU7. Picture: Supplied

The YU7 has a coupe-like silhouette and aerodynamic features like active grille shutter and hidden electric door handles.

Xiaomi is known for its smartphones and smart technology but entered the car game last year with its first sedan the SU7 – a model 3 rival that’s already sold more than 258,000 units.

The tech-start-up currently has one plant in Beijing and has plans to open a second plant to help meet overwhelming demand.

Elon Musk and Tesla have some (more) stiff competition. Picture: AP

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