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

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 tech giant Xiaomi is making waves in the electric vehicle (EV) world once again. Just minutes after unveiling its second EV, the YU7