HONG KONG (Reuters) – Shares of China’s Xiaomi (OTC:) rose more than 16% on Tuesday after the maker of smartphones and other consumer electronics devices last week launched a sporty electric vehicle whose design has been compared to Porsche’s Taycan and Panamera sports car. Models.
Xiaomi shares hit their highest since January 2022 on the first trading day after the Easter holidays and the first since it launched its first-ever vehicle.
On Thursday, Xiaomi launched its standard SU7 model priced at 215,900 yuan ($29,870), while the Pro and Max versions will cost 245,900 yuan and 299,900 yuan, respectively.
The launch fulfills the ambition of Xiaomi founder Lei Jun, who announced the company’s foray into electric vehicles in 2021, pledging to invest $10 billion in the company’s automotive business as “the last big business project ” of his life.
Xiaomi has informed potential buyers of its SU7 electric sedan that they could face waits of four to seven months, a sign of strong demand for its first-ever vehicle.
As part of the campaign to kickstart sales, Xiaomi has released two special versions of the car called “Founder’s Edition” that come with free gifts, such as refrigerators. The first 5,000 of those cars sold out immediately.