Exceptionally strong initial orders for Xiaomi's YU7 electric SUV sent shares of the automotive newcomer to a record high on Friday and fanned speculation that Tesla may have to cut prices to fight back.

B EIJING: Chinese electric vehicle maker Xiaomi received almost 300,000 pre-orders within an hour for its first sports utility vehicles in what the company said was a “miraculous” moment for the industry. Lei Jun, founder and CEO of the electronics-turned-car company, said he was astonished by the reaction from customers.

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.