Xiaomi has unveiled its new electric SUV model YU7, which directly competes with Tesla's Model Y. The YU7 received 289,000 pre-orders within just a few minutes of its launch, showcasing significant interest.

Xiaomi's CEO Lei Jun boldly challenged Tesla during the YU7's introduction, stating, "We will face our biggest competitor." This intensifies the competition in the electric vehicle market.

The Xiaomi YU7 is priced approximately 4% lower than the Tesla Model Y, which could help Xiaomi secure a strong position in the premium automotive segment.

Analysts predict that the intense demand for the YU7 could trigger a 208% growth in Xiaomi's electric vehicle sales. This poses a significant threat to Tesla.

As Xiaomi's YU7 model competes with Tesla's Model Y, the outcomes of this rivalry could lead to significant changes in the automotive market. We will continue to monitor these developments in the coming days.