<ul data-eligibleForWebStory="true"><li>Xiaomi launched the YU7 car undercutting Tesla's prices, selling more than 200,000 units within three minutes of its Beijing launch.</li><li>The YU7, priced at $35,000, aims to compete with Tesla's Model Y in China, and Xiaomi's stock rose by as much as 8% in Hong Kong following strong demand.</li><li>Xiaomi's founder and CEO, Lei Jun, challenged Tesla during the launch event, stating they wouldn't accept defeat in the comparison.</li><li>The YU7 is Xiaomi's second car and part of the EV price war in China, with Chinese players undercutting Tesla's prices and gaining market share.</li></ul>

Xiaomi says it received over 200,000 orders for a new car it priced just below Tesla's Model Y in 3 minutes

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