XIACF - Xiaomi's Tesla Killer Budget EV Sparks Nearly 15% Rally After Launch Heats Up Nio Xpeng Rivalry | Benzinga
Chinese smartphone giant Xiaomi Corp (OTC:XIACF) saw a nearly 15% surge in its shares on Tuesday following the launch of its first electric vehicle (EV), the SU7. The new car’s competitive pricing and features have significantly impacted the market.
What Happened: Xiaomi’s shares experienced a significant boost on Tuesday, the first trading day after the company unveiled its SU7 EV. The car’s price is approximately $4,000 lower than Tesla Inc‘s (NASDAQ:TSLA) Model 3 but has a longer driving range.
Within the first 24 hours, the company received 88,898 pre-orders. The basic version has a wait time of at least five to seven months. Delivery times for the standard SU7 model could take 18-21 weeks, the SU7 Pro model 18-21 weeks, and the most expensive model, priced at 299,900 yuan, could take 27-30 weeks.
Other Chinese EV manufacturers, such as Xpeng and Nio, have also announced price cuts and purchase subsidies. This move comes amid a slowdown in the growth of new energy vehicles in China, which accounts for the world’s largest auto market.