Xiaomi won more orders than expected for its new YU7 electric sports utility vehicle in the first hours after it went on sale, sending the company's shares up 8% to an all-time high. The Chinese EV and smartphone maker on Thursday priced its new electric YU7 SUV from 253,

The car, which starts at $35,000, intends to compete with the Model Y, China's most popular SUV, which starts at $36,760.

China’s Xiaomi Corporation launched its eagerly anticipated YU7, its first battery-powered SUV model, a major milestone in the development of the consumer electronics giant’s automotive business. According to local reports,