BUZZ-Xiaomi hits near 3-1/2-year peak on report of launch of new EV model in Q1

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BUZZ-Xiaomi hits near 3-1/2-year peak on report of launch of new EV model in Q1

Reuters11-22 13:07

** Shares of China's Xiaomi rise 6% to HK$29.85, their highest since June 2021, and on course for the second session of gain

** Stock is the second-biggest gainer in Hang Seng China Enterprises Index and third-biggest gainer in both Hang Seng Index and Hang Seng Tech Index , which are down 1.4%, 1.3% and 1.2%, respectively

** Xiaomi, which launched its first electric vehicle model SU7, plans to launch its second EV model in February or March next year, competing with Tesla's Model Y, Chinese magazine Caijing reported on Friday, citing source clsoe to the company

** Xiaomi said on Monday it aimed to deliver 130,000 EVs this year, raising its forecast for the third time as the automaker upstart posted a 30.5% jump in third-quarter revenue

** Xiaomi stock up 80.5%, YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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