By Qiaoyi Li, Che Pan and Brenda Goh BEIJING (Reuters) -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,

For those looking for all-wheel drive, the Pro version is available at RMB 279,900 ($37,900). Featuring the same 96.3 kWh LPF battery as the Standard model, it has dual motors producing a combined 489 hp (365 kW) and offers a claimed range of 770 km (478 miles), again, based on the optimistic CLTC cycle.

Xiaomi unveiled its YU7 electric SUV on Thursday, pricing it at 253,500 yuan ($35,364)about 4% below Tesla's (TSLA, Financials) Model Y in China. The company said it received 200,000 orders within three minutes of launch.