Xiaomi's stock surged over 5% to a record high in morning trading on Tuesday, pushing its market value to HK$1 trillion.

Xiaomi EV, the car-making unit of Xiaomi, said deliveries of its first model, the SU7, once again topped 20,000 units in January.

To date, the SU7 electric sedan has delivered more than 20,000 units in four consecutive months, Xiaomi EV said on February 1, without mentioning specific numbers as before.

Xiaomi EV is targeting deliveries of 300,000 units for the whole of 2025 and will continue to expand capacity in the new year, it said.

Additionally, India has removed import duties on some components key to producing mobile phones, Finance Minister Nirmala Sitharaman announced in the annual budget on Saturday, in a boost for local production efforts and benefiting firms such as Apple and Xiaomi.