In a notable trend, Xiaomi's new electric vehicle 'YU7' surpassed 240,000 orders within 18 hours of its launch, and it has been confirmed that the 'purchase rights' for the vehicle are trading for up to several million won on used transaction platforms.
On the 30th, on the Chinese leading used transaction platform 'Xianyu,' the YU7 purchase rights are being sold for 18,999 yuan (approximately 3.58 million won). The seller describes their purchase rights as being the 'top delivery order for the Shenzhen area,' stating that the vehicle is a YU7 standard model with a titanium body, gray and purple interior, and an upgraded sound system. The seller noted, 'Payment was completed in 3 seconds, and the order confirmation took just 10 seconds,' adding, 'This is the first batch for delivery, which can be done in Shenzhen in early August.'
The Xiaomi YU7 was launched on the 26th, and those wishing to purchase have made reservations by paying a deposit online to confirm their orders. Through the confirmed purchase rights, individuals can buy the vehicle; those who successfully reserved are engaging in transactions to transfer these rights for a premium to third parties. The fact that vehicle deliveries can take at least a month and sometimes over a year is also fueling these transactions. This phenomenon is often seen when popular vehicles are launched in China's electric vehicle market.
According to the Chinese media outlet The Paper, there is particularly high resale of purchase rights for the high-spec model YU7 Max. This is because the delivery timelines for the standard and pro versions are expected to be later than that of the Max version. A purchase rights seller told The Paper, 'The selling price is 10,000 yuan (approximately 1.89 million won) as a base,' adding, 'I own an SU7 and, hearing that buying a YU7 would be difficult, I was lucky to purchase it and resell the rights. This is also a money-making opportunity.'
The YU7 is an electric sports utility vehicle (SUV) that competes with the Tesla Model Y. It benchmarks all aspects including output, battery life, and configuration against the Tesla Model Y. Lei Jun, Xiaomi's Chief Executive Officer (CEO), directly stated on social media (SNS), 'Xiaomi YU7 will continue to challenge Model Y. I am especially confident in the product's strengths.'
As he stated, YU7's sales in China have surpassed Tesla in one go. According to the China Passenger Car Association (CPCA), as of last May, there were a total of 15 models that exceeded monthly sales of 20,000 units, and premium models priced above 200,000 yuan (approximately 3,768,000 won) include Tesla's Model Y, Model 3, and Xiaomi's SU7.
Meanwhile, Xiaomi's second new model, the YU7, sold 200,000 units within three minutes and 240,000 units within 18 hours of its launch. Simply put, this comes close to the annual sales of the Tesla Model Y and Model 3 in just one day. Lei Jun, CEO, remarked, 'It seems we have witnessed a miracle in China's automotive industry together,' adding, 'Originally, I aimed to be satisfied if it sold just slightly better than the SU7, but the response is beyond imagination.'
However, concerns about delivery delays are growing. According to Xiaomi, the YU7 standard is projected to take about 53 to 56 weeks from order confirmation to delivery, the YU7 pro about 48 to 51 weeks, and the YU7 Max about 33 to 36 weeks. The first batch of units that can be shipped immediately is scheduled for delivery starting in August, but the quantity of available stock has not been disclosed.