(Yicai) July 3 -- Amid overwhelming demand for Xiaomi Auto’s new electric vehicle in China, the car production arm of Chinese electronics giant Xiaomi will only consider exporting vehicles starting in 2027, its founder has said.

Given the large backlog of domestic orders, the Beijing-based carmaker needs to first prioritize deliveries to buyers in China, Lei Jun said during a livestream event yesterday. Xiaomi Auto will ramp up production of its second model, the YU7, he said, but asked buyers to be patient.

The pure electric sport utility vehicle was launched on June 26. Within the space of an hour, the company received 289,000 pre-orders for the YU7, which is priced between CNY253,500 and CNY329,900 (USD35,365 and USD46,025). Non-refundable orders topped 240,000 within 18 hours.

“The car is selling so well because its positioning is spot‑on and its product strength is outstanding,” said Lei, who is also Xiaomi's chairman and chief executive, adding that the volume of orders has exceeded expectations.

According to Lei, the average age of a YU7 buyer is 33, with 30 percent of the orders placed by women, up from 25.5 percent during the launch of Xiaomi's first model, the SU7. Most buyers are in Shanghai, Hangzhou, and Beijing, which are "also the top-selling cities for Tesla's Model Y," Lei pointed out.

Based on its price, the YU7 is a rival to the Model Y, Xpeng Motors' G7, and Nio's ES6. Extended-range models from Li Auto, Seres Auto's Aito brand, and SAIC Motor's IM Motors marque are also in the same price range.

Buyers urgently needing a vehicle should consider alternatives to the YU7 such as the G7, Li Auto's i8, or the Model Y, Lei suggested. During last year’s launch of Xiaomi Auto’s first vehicle, the SU7, Lei similarly recommended Luxeed's S7, Nio's ET5, and Xpeng's P7.

Xiaomi’s shares [HKG: 1810] closed 3.4 percent lower at HKD58.10 (USD8.11) each today, while the broader Hong Kong market edged down 0.6 percent. The stock is still up 68 percent since the end of last year.

The YU7 has undergone extensive testing, Lei pointed out. “Knowing Xiaomi's cars would be scrutinized by millions of netizens, that every flaw would be magnified 10‑thousand‑fold, we prioritized quality above all from day one,” he said.

Xiaomi demands rigorous quality control, Lei noted, describing his participation in winter and summer testing, including driving the YU7 twice from Beijing to Shanghai.

Lei also said there are no plans to launch cars under Xiaomi's sub-brand Redmi, which has so far been focused on producing entry-level and mid-range smartphones.

Editor: Martin Kadiev