Xiaomi Corporation's stock soared 5.00% during Friday's intraday session, driven by the company's strong performance in the electric vehicle (EV) market.
According to reports, Xiaomi exceeded its annual EV delivery target for 2024, prompting the tech giant to revise its 2025 delivery goal upwards to 300,000 units from the initial target of 250,000 units. This positive development suggests that Xiaomi is executing well in its new EV business venture.
Morgan Stanley analysts expressed optimism about Xiaomi's prospects, citing the company's plans to introduce new EV models, the SU7 Ultra and YU7, later this year. These models are expected to command higher average selling prices, contributing to a more favorable product mix for Xiaomi. The investment bank maintains an "Overweight" rating on Xiaomi with a price target of HK$35, implying a 1% upside potential from current levels.
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