By Brenda Goh, Che Pan and Qiaoyi Li SHANGHAI (Reuters) -Exceptionally strong initial orders for Xiaomi's YU7 electric sport utility vehicle sent shares in the automotive newcomer to a record high on Friday and fanned speculation that Tesla may have to cut prices to fight back.

For those looking for all-wheel drive, the Pro version is available at RMB 279,900 ($37,900). Featuring the same 96.3 kWh LPF battery as the Standard model, it has dual motors producing a combined 489 hp (365 kW) and offers a claimed range of 770 km (478 miles), again, based on the optimistic CLTC cycle.

Analysts had been keenly watching the launch, which comes as Chinese EV makers lock into another price war as they seek to win over cautious consumers.