Chinese electric vehicle manufacturer Xiaomi garnered nearly 300,000 pre-orders in just one hour for its inaugural sport utility vehicles, a development the company described as a miraculous event for the industry.
Lei Jun, the founder and CEO of the electronics-turned-automobile firm , expressed his surprise at the overwhelming response from customers.
My goodness, in just two minutes, we received 196,000 paid pre-orders and 128,000 lock-in orders, Lei said in a video distributed after the vehicles launch on Thursday night.
The companys electric vehicle division announced later on its official Weibo account that it had received 289,000 pre-orders for the five-seat YU7, which is priced starting at 253,500 yuan approximately 35,000, within the initial hour of sales.
Xiaomis shares, traded on the Hong Kong Stock Exchange, surged by eight per cent at one point before retracting some of those gains and ultimately closing at an all-time high.