Xiaomi Jumps as Investors Cheer Early Signs of EV Success
- Firm received orders of nearly 90,000 units within 24 hours
- Manufacturing capability ramp-up will come to focus: GS
Xiaomi’s strong entry may pose a threat to its more established peers.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Xiaomi Corp. surged in Hong Kong as orders for its first electric vehicle topped estimates, fueling optimism the smartphone maker may succeed in China’s cutthroat car market.
Shares rose as much as 16% before paring gains in the first day of trading since Beijing-based Xiaomi kicked off sales of its cars. The company said it received orders of nearly 90,000 units within the first 24 hours.