Shares of Xiaomi Corp soared 5% on Wednesday, hitting their highest level since August 2021, after the Chinese tech giant unveiled a faster and more powerful version of its flagship electric vehicle (EV).
The company's stock emerged as the top gainer in the Hang Seng Tech Index after taking the wraps off the SU7 Ultra, a luxury variant of its SU7 electric sports car. Priced at $114,000, the SU7 Ultra is billed as the fastest four-door car in production, with the first units slated for delivery in March.
The strong demand for the high-end EV model underscores Xiaomi's growing clout in the burgeoning electric mobility space. According to the company, it received over 3,600 orders for the SU7 Ultra within just 10 minutes of its debut on Tuesday. Analysts at Citi reiterated their "buy" rating on Xiaomi and lifted their target price, citing increased estimates for the company's smartphone and EV businesses following the successful SU7 Ultra launch.
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