Xiaomi’s stock jumps 16% after launch of electric car By Reuters

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HONG KONG (Reuters) – Shares in China’s Xiaomi ( OTC: ) rose as much as 16% on Tuesday after the smartphone and other electronics maker last week launched an electric sports car whose design resembles Porsche’s Taycan and Panamera sports cars. examples.

Shares of Xiaomi took the biggest hit since January 2022 on the first day of trading after the Easter holiday and the first since it launched its first car.

On Thursday, Xiaomi launched its SU7 model priced at 215,900 yuan ($29,870), while the Pro and Max models will cost 245,900 yuan and 299,900 yuan, respectively.

The launch fulfills the wish of the founder of Xiaomi, Lei Jun, who announced that the company will enter EVs in 2021, promising to invest $10 billion in the company’s car business as “the last major commercial project” in his lifetime.

Xiaomi has advised buyers of its SU7 electric sedan to wait four to seven months, a sign of high demand for its first car.

As part of the launch campaign, Xiaomi released two special models of the car called “Founder’s Edition” that come with philanthropic gifts, such as refrigerators. The first 5,000 cars were sold immediately.

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