Update: Xiaomi has just announced pricing and range details for the new YU7, with the electric crossover starting at a reasonable RMB 253,500 (around $34,500 at current exchange r

Xiaomi unveiled its YU7 electric SUV on Thursday, pricing it at 253,500 yuan ($35,364)about 4% below Tesla's (TSLA, Financials) Model Y in China. The company said it received 200,000 orders within three minutes of launch.

Chinese EV and smartphone maker Xiaomi on Thursday priced its new electric YU7 SUV 10,000 yuan ($1,395) cheaper than Tesla's Model Y, stepping up the challenge to the U.S. firm in the world's largest auto market.