Xiaomi to start selling EVs in March

seekingalpha03-13

China’s fifth-largest smartphone maker Xiaomi (XIACY, XIACF) will begin delivering its electric vehicle later this month with its first entry into the competitive EV market. Shares rallied 10% on the...

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Shares rallied 10% on the news.  The company unveiled its Speed Ultra 7, or SU7, in December, making the ambitious claim that the vehicle had better acceleration than a comparable Tesla (TSLA) and Porsche (OTCPK:POAHY) SUV.  Using a Chinese poem as an allegory, Xiaomi (XIACY, XIACF) founder Lei Jun said “With firm strides we are crossing its summit,” as the car marks a “significant leap from the smartphone industry and a crucial step toward closing the loop of the Human x Car x Home smart ecosystem.”  “Xiaomi has decided to invest tenfold [in the car’s development] starting from the development of fundamental core technologies, committing to constructing an outstanding vehicle. Through 15-20 years of effort, Xiaomi aims to become one of the top five global automakers,” Lei added. The SU7 will be built by a unit of state-owned car manufacturer BAIC Group in Beijing.  Xiaomi (XIACY, XIACF) will announce the sticker price of the SU7 on March 28.    More on Xiaomi, Xiaomi Corporation, etc.  Xiaomi: Interesting, Yet Highly Speculative EV Play With Pedal To The Metal, Xiaomi Zooms Into China's EV Race Xiaomi stock revs higher as first EV to launch in two weeks Xiaomi launches 14 Series flagship phones with focus on camera, AI Historical earnings data for Xiaomi","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2419550629"}