Xiaomi Shares Plunge 8% After Hitting Record High

Tiger Newspress

02-27

Xiaomi shares plunged 8% after surging over 4% to a record high earlier. Investors may be taking profits.

The SU7 Ultra will be launched on February 27 and is currently available for pre-order at about four times the regular SU7's price.

Lei Jun, founder, chairman and CEO of Xiaomi, on Wednesday expressed his confidence in the SU7 Ultra as the ultra-performance electric sedan is one day away from launch.

"The Ultra is a strong product, and our team is confident that we are 90 percent sure of our 10,000-unit annual sales target," Lei wrote on Weibo today.

Xiaomi's car-making arm, Xiaomi EV, announced on Monday that the SU7 Ultra will be launched on February 27, with an event set to begin at 7 pm Beijing time that day.

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