Posted 4/2/2024, 9:49:11 AM
Xiaomi Shares Surge on Strong Demand for New Affordable Electric SUV
- Xiaomi's shares surged over 16% to $55B valuation after launching its first EV, higher than GM and Ford
- The SUV7 starts under $30K in China, cheaper than Tesla's Model 3, with over 88K pre-orders
- Xiaomi expects to lose money on each SUV7, estimated around $9,400 per car sold this year
- The EV enters a crowded China market with intense competition on price from 200+ models
- Monthly production capacity for SUV7 increased from 3K to 10K units due to strong demand