Shares of Chinese smartphone maker Xiaomi surged up to 16% on Tuesday following the launch of its SU7 electric car before the Easter holiday. The Hong Kong-listed shares reached 17.34 Hong Kong dollars, their highest level since January 2022. Xiaomi announced that the SU7 would be priced approximately $4,000 less than Tesla’s Model 3, with a longer driving range. The online store indicated a wait time of at least 5 months for the basic version of the SU7. Xiaomi received orders for over 50,000 cars in just 27 minutes after sales began.
Chinese EV startups Xpeng and Nio offered car purchase subsidies of 20,000 yuan and 10,000 yuan, respectively, following the Chinese government’s promotion of consumption through trade-ins. This move comes as the growth of new energy vehicles in China begins to slow down.
Li Auto reported delivering 28,984 cars in March, while Nio delivered 11,866 cars and Xpeng delivered 9,026 vehicles. Huawei’s Aito brand delivered 31,727 cars in March. BYD, on the other hand, sold 139,902 battery-powered passenger cars and 161,729 hybrid vehicles in March, maintaining its position as an industry leader.
Chinese smartphone maker Xiaomi saw its shares surge by as much as 16% after launching its SU7 electric car ahead of the Easter holiday. The company priced the new electric sedan about $4,000 less than Tesla’s Model 3 and claimed it would have a longer driving range. Demand for the SU7 was high, with wait times of at least 5 months for a basic version. Xiaomi received orders for more than 50,000 cars within 27 minutes of sales starting. In response to slowing growth in the new energy vehicle market, Chinese EV startups Xpeng and Nio announced car purchase subsidies. Li Auto, which offers cars with fuel tanks to extend driving range, reported deliveries of 28,984 cars in March, slightly below expectations. Nio and Xpeng also trimmed their first quarter forecasts. Huawei’s new energy car brand Aito delivered 31,727 cars in March, while industry giant BYD sold 139,902 battery-powered passenger cars and 161,729 hybrid vehicles in the same month.
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