Shares of Chinese tech giant Xiaomi Corporation surged 5.03% on Thursday, driven by growing investor optimism around the company's foray into the electric vehicle market and strong sales performance of its recently launched SU7 electric SUV.
The robust orders and deliveries for the SU7 model have fueled Xiaomi's stock outperformance against the broader Hang Seng Index since September. Analysts at HSBC Global Research highlighted the SU7 as a demonstration of Xiaomi's research and development capabilities, helping to elevate the company's brand profile among higher-end consumers.
Xiaomi's success in the electric vehicle segment comes amid a broader upswing in China's auto market. Data from the China Passenger Car Association showed that the country's overall passenger vehicle sales jumped 11.2% year-on-year in October, the fastest growth since January, driven by strong demand for electric and hybrid models backed by government subsidies.
