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Xiaomi’s newly-launched YU7 reportedly being swiped by scalpers
Scalpers are taking advantage of the high demand for Xiaomi's newly launched YU7 electric vehicle, quickly reselling reservations at inflated prices. The vehicle launched on June 26, with over 289,000 initial reservations and significant waiting times, reflecting Xiaomi's rapid market traction in the EV sector.
Key points
- Xiaomi launched the YU7 electric vehicle on June 26.
- Customers must place a RMB 5,000 ($698) refundable deposit to reserve the YU7.
- Scalpers are listing YU7 orders on resale platforms for up to RMB 20,000.
- Xiaomi received over 289,000 reservations within the first hour, with 240,000 converting to sales in 18 hours.
- Entry-level YU7 has a waiting time of at least 57 weeks; YU7 Max, 37 weeks.
Why it matters
- The rise of scalping in the EV market mirrors trends seen in consumer electronics and gaming.
- Xiaomi's swift adaptation and popularity showcase the growing integration of technology and automobile sectors, expected in 2025 IT trends.
- Similar cases of scalping have previously occurred with high-demand tech products.
Xiaomi's YU7 launch highlights the increasing demand for electric vehicles and the scalping trend, indicating a heated competitive landscape in the EV market that could persist into future years.