Xiaomi Surges Most in Year After Setting Up Showdown With Tesla
- The EV models will be available in 29 cities from March 28
- Chinese smartphone maker didn’t disclose pricing for new cars
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Xiaomi Corp.’s shares had their biggest intraday jump in more than a year after the company announced it will start selling its long-awaited electric vehicles this month.
The Beijing-based electronics firm, best known for its smartphones, has made a multibillion-dollar bet on breaking into the red-hot contest in China’s EV market led by Tesla Inc. and BYD Co. It will offer its SU7 series for purchase on March 28 in 29 cities, the company said in a Weibo post, without disclosing pricing. Its shares rose as much as 9.9% in Hong Kong after the news.