02.04.2024
Shares of Xiaomi saw a significant surge of up to 16 percent after the company, known for its smartphones and electronics, launched its first electric vehicle, the SU7, which has drawn comparisons to Porsche's sports car designs. The stock reached its highest point since January 2022 on the first trading day after the Easter holiday and the unveiling of the car. Xiaomi introduced the standard SU7 model at a competitive price, with Pro and Max versions available at higher price points. The launch is the realization of founder Lei Jun's vision, who in 2021 committed to investing $10 billion in the EV venture, calling it his "last major entrepreneurship project." The company has indicated that customers may experience a wait time of four to seven months for the new SU7 sedan, suggesting a strong market demand. To promote the launch, Xiaomi offered two "Founder's Edition" versions of the vehicle, which included special gifts and sold out immediately.
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