Ordonez called the MyFi "a change not just in the satellite radio category, but in consumer electronics," and likened its debut to the introduction of the transistor radio and the portable CD player.
At the end of his remarks, Panero quipped, "We've gone Hollywood," and on cue, several "lifestyle" models -- a young male in a red hooded sweatshirt, a young woman in a pink track suit and a man in a business suit, among others -- descended a set of stairs, listening to the new radios.
The Dephi XM MyFi, capable of tuning in more than 130 XM channels, will retail for $349.99.
XM officials would not disclose how much they spent to develop MyFi or how much they intend to spend on marketing it. They did, however, preview a new television spot featuring singer Elton John hawking the MyFi and his new song, "Answer in the Sky."
The roll out of MyFi caps a busy month for XM, which earlier this month debuted the "Bob Edwards Show," and shock jocks Opie and Anthony. On Oct. 20, the company also announced it had signed an 11-year, $650 million broadcasting and marketing deal with Major League Baseball.
Shares of XM closed yesterday at $32.54, down slightly from $32.74.
Even before the MyFi debut, XM Satellite Radio was on target to reach its goal of 3.1 million subscribers by year's end, said Janco Partners analyst April Horace.
"Will [the new device] continue to drive subscription growth? Yes," Horace said. "Has XM expanded the marketplace once again? Yes."
In a research note released yesterday, Legg Mason's Sean Butson wrote, "Although we are disappointed that the device will not be available until after Thanksgiving, we do believe it will be a game-changer and provide XM with a differentiated weapon in its retail arsenal."