From CNBC: 2024-04-01 21:46:44

Chinese smartphone maker Xiaomi saw a 15% surge in shares as it launched the SU7 electric car, priced $4,000 lower than Tesla’s Model 3. Demand was high, with wait times of 5 months for the basic version. Competitors Xpeng and Nio offered purchase subsidies following government policies to boost consumption.

As China’s new energy vehicle market slows, Li Auto delivered 28,984 cars in March, below expectations. Nio and Xpeng also revised forecasts downwards due to slower growth. In contrast, Huawei’s Aito brand delivered 31,727 cars, while industry giant BYD sold 139,902 battery-powered passenger cars in March.

Read more: Xiaomi shares up 15% after Chinese smartphone maker launches first EV