Posted 3/12/2024, 4:06:00 AM
Xiaomi Shares Surge as Company Launches New Electric Vehicles to Compete with Tesla, BYD in China
- Xiaomi shares jumped nearly 10% after announcing new electric vehicles for sale this month
- The company is entering the competitive Chinese EV market against Tesla, BYD, and others
- Xiaomi co-founder Lei Jun has led a 3-year, multibillion-dollar effort to break into EVs
- The new Xiaomi SU7 models boast fast acceleration and will initially sell in 29 Chinese cities
- Xiaomi has partnered with a state-owned automaker to manufacture the EVs and avoid permit delays
