In the latest step in an intensifying price war, Chinese smartphone company Xiaomi revealed its luxury YU7 SUV will cost less than Tesla's Model Y. Xiaomi's luxury YU7 SUV will start at 253,500 yuan ($35,

Xiaomi’s shares hit a record high after the Beijing-based smartphone maker sold 200,000 electric vehicles in three minutes, threatening the positions of BYD, Tesla and other carmakers competing in China’s cut-throat market.

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,