Xiaomi's stock price once broke through HK$61, hitting a record high. Its market value soared to HK$1.54 trillion. Lei Jun said, "I'm very excited to get so many orders." The locked orders for the un-delivered SU7 can be changed to the YU7 within a limited time. At one point, Xiaomi's stock price reached over HK$61, a record high, and its market capitalization soared to HK$1.54 trillion. Lei Jun stated, "I'm extremely excited to receive such a large number of orders." All the locked but undelivered orders for the SU7 can be re - configured to the YU7 within a limited time.
On the evening of June 26th, Xiaomi Auto officially launched its first SUV model, the Xiaomi YU7. The new car is available in three versions: Standard, Pro, and Max, with prices of 253,500 yuan, 279,900 yuan, and 329,900 yuan respectively. Shortly after the official pre - order started at 22:00 that night, Xiaomi Auto received a series of good news: For the Xiaomi YU7, over 200,000 firm orders were placed in 3 minutes, and over 289,000 in 1 hour.
Lei Jun also said, Users who have locked in orders for the Xiaomi SU7/Xiaomi SU7 Ultra but have not taken delivery can change their orders to the Xiaomi YU7 within the limited time from 22:00 on June 26th to 24:00 on June 29th.
It is worth mentioning that Lei Jun said, At Tesla's initiative, Xiaomi YU7 decided to 'take on' Tesla. On January 10th this year, the refreshed Model Y was officially launched on Tesla China's official website. As a facelifted model, the new Tesla Model Y has been upgraded in terms of exterior, interior design, and configuration. In its promotional slogans, Tesla also adopted a confident style, promoting with the slogan 'Refreshed Model Y, Just Compare', which attracted many car manufacturers to accept Tesla's 'challenge'. Among them, Lei Jun, the chairman of Xiaomi Group, posted Tesla's newly released article on Weibo with the caption 'OK'.
Lei Jun, the chairman of Xiaomi Group, said in an interview with a reporter from National Business Daily: 'We have all witnessed a miracle in the Chinese automotive industry. I think it's really amazing. It's a miracle created by all users and us together. I'm extremely excited.'
During the on - site interview, Lei Jun always kept a close eye on the mobile phone. When he found that the number of orders was constantly rising and quickly exceeded 10,000, he exclaimed 'Oh my god'. Lei Jun said that they must improve the product quality and speed up the delivery.
Lei Jun: I'm really excited to get so many orders. Xiaomi didn't win by marketing
National Business Daily: In just three minutes, the firm orders for the Xiaomi YU7 have exceeded 200,000. How do you predict the future sales volume of the YU7?
Photo source: Photo taken by reporter Li Xing of National Business Daily
Lei Jun: I said internally yesterday that as long as it's better than last year's SU7, we should do our best to further expand production. I'm really excited to get so many orders. It far exceeded my expectations.
The domestic SUV market is highly competitive. Users are willing to trust us. There are so many users even before our test - drive starts. This is a great trust in Xiaomi. We must improve the product quality. Xiaomi should do its best to further expand the Xiaomi Auto factory, speed up the delivery, and let the friends who have placed orders get their cars earlier.
National Business Daily: Judging from the current sales volume of Xiaomi Auto, the market is very good. So, do you have any relevant plans to prevent the sales volume from declining?
Lei Jun: We've only been in the automotive industry for one year and three months. I can't 100% guarantee that Xiaomi Auto will continue to do well. But after 15 years of entrepreneurship, I think Xiaomi's all - around capabilities have been improved today.
Actually, the key to continuous improvement is to focus on capability building and have no weak points. So, we're strengthening our weak points in every aspect. I believe that after everyone's efforts, our capabilities in all dimensions are improving.
I think for an enterprise to continue to do well, the most important thing is to focus on capability building. Opportunities are important, but capabilities are even more important. Capabilities are not one - dimensional but need to be improved in all aspects.
National Business Daily: Some people think that Xiaomi Auto's success is due to marketing. What do you think of this?
Lei Jun: After our success this time, some peers have packaged it as Xiaomi winning by marketing. Look at each of our indicators and capabilities today. In any dimension, I think Xiaomi is leading in most fields, whether it's product R & D, quality, or design.
Of course, we still have many deficiencies, and we're very aware of them. We reflect on our deficiencies every day and think about how to further improve. So, I think the success of Xiaomi Auto is mainly because we've put the overall capability building of Xiaomi in the first place.
Regard ourselves as a key automotive enterprise
National Business Daily: As Xiaomi's popularity has increased, it has also caused some negative effects. How do you view this phenomenon? What reflections has Xiaomi made from it?
Lei Jun: This is the 'painful' environment we're facing today. No matter which enterprise is popular, its public opinion is very complex. This is the real difficulty we're facing.
I think to cope with the changes of this era, Xiaomi needs to do several things: First, be cautious in words and deeds. Every word should be very accurate, and we need to further improve the accuracy. We must do our own things well because any flaw may be magnified.
At the same time, we must also firmly follow our own path. That is, in terms of high - end technological innovation leadership, we should really do well in several fields, be leading, and be recognized by everyone.
National Business Daily: What's your biggest feeling since Xiaomi crossed over into the automotive industry?
Lei Jun: It's been four years since we entered the automotive industry, and the product has been on the market for one year and three months. I have a lot of feelings. Once, an internal speech of mine was leaked, and I was severely criticized.
I said that Xiaomi Auto is actually like a first - year student. We've only sold 130,000 cars in total. We're newbies and thought that everyone would care about and support us more. But unexpectedly, all our peers think highly of us.
After this incident, I think Xiaomi should regard itself as a key automotive enterprise in the automotive industry and demand higher standards from itself. We used to think we were newbies, so our requirements were not high enough. We must regard ourselves as a key automotive enterprise. Anyway, even if we don't think so, others do. We should have high standards and strict requirements and change our mindset.
Firmly implement 'anti - involution'
National Business Daily: In the face of the involution competition in the automotive industry that relevant regulatory authorities are rectifying, what actions has Xiaomi taken?
Lei Jun: We actively respond to the call of the regulatory authorities and firmly implement 'anti - involution'. At the same time, we've also actively responded to the payment within a 60 - day payment period. In terms of competition, Xiaomi firmly opposes price wars and aims for the high - end market, demanding higher standards from itself.
I think automotive enterprises should 'compete' in technological innovation, safety quality, durability, as well as scientific and technological innovation and quality.
National Business Daily: What do you think is the biggest difficulty in the development of Chinese automotive enterprises?
Lei Jun: Our real difficulty lies in how to move towards the high - end market and how to compete with world - class automotive enterprises. So, when we entered the automotive market, we immediately set the goal of whether we could rival Porsche and Tesla. We've set very high goals.
I think we should mainly 'anti - involute' in three aspects: First, scientific and technological innovation. We must increase investment in technology; second, we should focus on quality; third, we should be led by high - end development, dare to 'show our swords' to global top - tier automotive enterprises, and dare to compete with them.
Stock price soared by 8%! Xiaomi's market value rose to HK$1.54 trillion
On June 27th, the capital market reacted strongly to Xiaomi's new product launch last night. Xiaomi Group (01810.HK) jumped 8% at the opening. The stock price once exceeded HK$61, hitting a record high, and the market value climbed to HK$1.55 trillion. As of the mid - day close, the increase narrowed to 4.39%. The stock price was reported at HK$59.4, and the latest market value was HK$1.54 trillion.
The rise in Xiaomi's stock price also drove up the stock prices of enterprises in the upstream and downstream of the industrial chain.
Xiaomi concept stocks in the A - share market strengthened collectively. As of the mid - day close, Electric Alloy (300697) had a 20% daily limit, and Molds Plastic Technology (000700) and Heletech (002402) both had daily limits; supply - chain enterprises such as Fute Technology (301607), Haitaik Co., Ltd. (301022), Kaizhong Co., Ltd. (603037), Zhongjing Electronics (002579), Chuangxin New Materials (600361), and Tailong Co., Ltd. (300650) also followed the upward trend.
Since June, many A - share listed companies have replied to questions related to their cooperation with Xiaomi Auto.
Financially, Xiaomi's performance is also remarkable. In the first quarter of 2025, Xiaomi's revenue increased by 47% year - on - year to 111.3 billion yuan, setting a record - breaking financial report. Among them, the gross profit margin of the automotive business increased by 2.8 percentage points quarter - on - quarter to 23.2%, becoming the second growth curve driving profit growth.
The pre - sale data of the YU7 far exceeded expectations, directly driving the capital market to re - evaluate the value of Xiaomi's automotive business. Calculated at an average deposit of 5,000 yuan per YU7, 289,000 orders have locked in 1.445 billion yuan in cash flow. If estimated based on the starting price of 253,500 yuan, the potential revenue scale reaches 73 billion yuan, equivalent to 65% of a quarter's revenue.
China Merchants Securities released a research report stating that the Xiaomi YU7 has great potential to become a best - seller and will continue the growth trend of the SU7. Xiaomi Auto is expected to double its growth next year. The report said that the demand for the Xiaomi SU7 remained strong without being affected by the price war. The YU7 may have a greater best - seller effect than the SU7 because the number of users who left a deposit is three times that of the SU7 during the same period of its technology release. The bank predicts that the YU7's main direct competitors are Tesla Model Y, NIO - SW EC6, and XPeng Motors - W's G7. The bank expects that the stable monthly sales volume of the Xiaomi YU7 will reach 30,000 - 40,000 units, and the annual sales volume of Xiaomi Auto will reach 350,000 - 400,000 units this year. Among them, the SU7 + YU7 are expected to reach 50,000 - 60,000 units, and next year they are expected to challenge 700,000 - 800,000 units. Xiaomi Group is considering launching new models next year. If the production capacity is fully released, it is expected to exceed 1 million units.
(Disclaimer: The content and data in the article are for reference only and do not constitute investment advice. Investors operate at their own risk.)