Xiaomi stock soars 16% following debut of company’s first electric vehicle

In a world where technology is constantly evolving, Chinese smartphone maker Xiaomi has taken a bold step into the electric vehicle market. The company recently unveiled its SU7 electric sedan, sparking a surge in its stock price of up to 16% on the first trading day following the launch.

What sets Xiaomi apart from the competition is its aggressive pricing strategy. The SU7 is priced at approximately $4,000 less than Tesla’s Model 3, making it an attractive option for budget-conscious consumers. Not only that, but Xiaomi also boasts a longer driving range for its new electric car.

It’s no surprise that Xiaomi’s online store is facing high demand for the SU7, with wait times of at least 5 months for the basic version. The company received over 50,000 orders within the first 27 minutes of sales starting at 10 p.m. Beijing time.

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But Xiaomi isn’t the only player in the Chinese electric vehicle market. Rival companies like Xpeng and Nio have also announced car purchase subsidies to attract customers. Nio, in particular, is following the Chinese government’s policy efforts to boost consumption with trade-ins.

As the market for new energy vehicles in China matures, companies are feeling the pressure to innovate and adapt. Established players like Li Auto, Nio, and Xpeng are adjusting their delivery estimates to meet changing demand. On the other hand, newcomers like Huawei’s Aito brand are making a splash with impressive delivery numbers.

Overall, the Chinese electric vehicle market is a dynamic and competitive landscape. With companies like Xiaomi leading the charge in innovation and affordability, the future looks bright for sustainable transportation in China. Stay tuned to Extreme Investor Network for the latest updates and insights on the evolving world of finance and technology.

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