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Xiaomi Jumps As Investors Cheer Early Signs Of EV Success
Shares rose 15% as traders returned from a holiday in the first day of trading since the Beijing-based firm kicked off sales of its cars.
02 Apr 2024, 07:32 AM IST 
Xiaomi’s SU7 electric vehicle.
(Bloomberg) -- Xiaomi Corp. surged in Hong Kong as orders for its first electric vehicle topped estimates, a sign that the smartphone maker may potentially succeed in China’s cutthroat market.
Shares rose 15% as traders returned from a holiday in the first day of trading since the Beijing-based firm kicked off sales of its cars. The company said it received orders of nearly 90,000 units within the first 24 hours.
Analysts said orders for Xiaomi’s SU7 came in stronger than expected, and may put it on par with Tesla Inc.’s Model 3 as one of the best-selling premium EV sedans in China. Goldman Sachs analysts projected that orders may reach 100,000 this year.
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