Chinese smartphone manufacturer, Xiaomi, experiences a 15% surge in shares subsequent to the successful launch of its inaugural electric vehicle

Chinese smartphone manufacturer, Xiaomi, experiences a 15% surge in shares subsequent to the successful launch of its inaugural electric vehicle

A Xiaomi SU7 electric sedan is seen displayed at a regional HQ of Xiaomi in Nanjing in east China’s Jiangsu province. 

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BEIJING — Shares of Chinese smartphone maker Xiaomi surged 15% when the Hong Kong market opened Tuesday, the first trading day since the company launched its SU7 electric car ahead of the Easter holiday.

In a sign of how competitive China’s electric car market is, Xiaomi announced late Thursday that the SU7 would be priced at about $4,000 less than Tesla‘s Model 3, and claimed the new car would have a longer driving range.

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