Posted 4/2/2024, 12:25:00 PM
Xiaomi Shares Soar as New $30K Electric SUV Sees Record 88K Preorders in China
- Xiaomi shares surged 16% to $55B valuation on launch of new EV model, exceeding GM and Ford
- SU7 model starts at $30K in China, cheaper than Tesla Model 3, with 88K preorders in 1 day
- Xiaomi expects to lose money on SU7 in short term, estimates show $9K loss per vehicle
- Crowded China EV market provoked price cuts from rivals after Xiaomi launch
- Monthly SU7 production capacity raised from 3K to 10K units to meet demand spike