Mar 12, 2024 06:59 PM
BUSINESS
Xiaomi Surges After Setting Sales Date for Debut Electric Car
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The foray into carmaking is led by billionaire co-founder Lei Jun, who has called the EV endeavor his final entrepreneurial bet. Photo: Bloomberg
(Bloomberg) — Xiaomi Corp. shares rose as much as 7.5% in Hong Kong Tuesday, after the company announced it will start selling its long-awaited electric vehicles (EVs) later this month.
The Beijing-based electronics giant, best known for its smartphones, has made a multibillion-dollar bet on breaking into the red-hot contest in China’s EV market led by Tesla Inc. and BYD Co. Ltd. It will make its SU7 series available for purchase on March 28 in 29 cities, the company said in a Weibo post, without disclosing pricing.
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