Xiaomi Soars 15% after Launching EV Model with Longer Driving Range and Cheaper Than Tesla

On Tuesday, the share price of Xiaomi, one of the biggest smartphone makers in China, rose as much as 15% during the trading session after the Hong Kong markets returned from the Easter holiday on Monday.

The price increase came after the giant tech company launched its first electronic car model called the SU7 on Thursday, in which Xiaomi stated that the model would be priced $4000 less than Tesla’s Model 3 and claimed to have a longer driving range.

The company noted that it received more than 50,000 reserve orders for the SU7 within 27 minutes since sales started at 10 PM (Beijing time) on Thursday, while the online store displayed the unavailability of the basic version of the SU7 for at least five more months, showing a strong opening for a newly launched EV car.