Chinese EV and smartphone maker Xiaomi on Thursday priced its new electric YU7 SUV from 253,500 yuan ($35,364), almost 4% below Tesla's Model Y, stepping up the challenge to the U.S. firm in the world's largest auto market.

Chinese smartphone and appliance maker Xiaomi launched its second model and orders started pouring in. The firm received 289,000 orders in one hour

Xiaomi's YU7 electric SUV has garnered around 240,000 orders in 18 hours, boosting the company's stock to a record high. Priced lower than Tesla's Model Y, the YU7 boasts a 96.3 kWh battery and extensive features,