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Xiaomi shares rose 7.5% in Hong Kong on Tuesday after the company said it would start selling its long-awaited electric car later this month. The SU7 series will be released in 29 cities on March 28, but the price has not yet been announced.
Xiaomi founder Lei Jun has made car manufacturing his company’s primary focus, a move seen as his last entrepreneurial bet. Xiaomi has partnered with BAIC Motor to produce the SU7 to avoid waiting for a production license from domestic regulators.
SU7 will enter the highly competitive electric vehicle market and face the challenges of the end of purchase subsidies and market competition.
(Source: Bloomberg Image source: freepik)
