Helena Lyng Blak
11 weeks ago

Xiaomi shares surge 7%

The Chinese phone makers will start deliveries of its first EV this month.
Photograph of Xiaomis SU7 car.
Andrew Sozinov / Shutterstock.com

Chinese electronics manufacturer Xiaomi announced on Tuesday that it will launch its electric vehicle (EV), the Speed Ultra 7 (SU7) sedan, on March 28 in China, Wall Street Journal reports.

The SU7 is the first EV that the company, most famous for its smartphones, has made. 

Xiaomi originally unveiled the car in December 2023. Back then, Xiaomi CEO Lei Jun shared his plans to make “a dream car comparable to Porsche and Tesla," according to Reuters.

The SU7 will come in two versions, both supposedly will have a longer maximal driving range on a single charge than Tesla’s Model S. The car will furthermore share its operating system with Xiaomi’s phones and other electronic devices. 

Development of the EV is a part Xiaomi’s attempt to diversify its business amid stagnating demand for smartphones Reuters writes. 

Upon the announcement, Xiaomi’s shares skyrocketed 7% during the morning trade on the Hong Kong stock exchange.

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