(Yicai) March 29 -- Xiaomi's stock surged in New York trading after the electric vehicle unit of the Chinese electronics giant said it had received more than 50,000 orders for its first model within 27 minutes of it going on sale.

American depositary shares of Xiaomi [OTCMKTS: XIACY], which trade on the over-the-counter market in New York, closed 12.1 percent higher at USD10.62 apiece yesterday. The Hong Kong Stock Exchange, where the firm is listed, is closed from today to April 2 for the Easter holidays.

Customers have to pay CNY5,000 (USD690) to pre-order the SU7, with cancellation and refunds available within seven days, Xiaomi Automobile said on Weibo late yesterday after a launch ceremony in Beijing. Some 5,000 orders were made for the Founders Edition, it added.

The SU7 standard version is priced at CNY215,900 (USD29,870), while the SU7 Pro long-range edition is CNY245,900 and the SU7 Max is CNY299,900. Deliveries of the standard and Max editions will begin next month, while the Pro will ship at the end of May.

Clients who place orders before April 30 will be gifted special hardware configurations or smart driving system benefits, Xiaomi Auto noted.

Xiaomi founder Lei Jun said late on March 27 that he has set a goal for the SU7 to rank in the top three pure-electric luxury sedans by sales. Xiaomi Auto targets becoming one of the world's top-five carmakers in about 15 to 20 years, he added.

The first batch of 59 Xiaomi Auto showrooms and 58 service centers opened across 29 Chinese cities on March 25. The firm plans to run 221 outlets in 39 cities by the end of the year, with 112 service centers in 56 cities.

Editor: Martin Kadiev