Xiaomi shares jump 9% as strong EV orders boost sentiment
The Chinese EV maker reported strong demand for its SkyNomad model, with over 70,000 orders in the first month of launch.
Xiaomi's shares surged by nearly 9.2% in Hong Kong following the announcement of strong orders for its SkyNomad electric vehicle model. The company disclosed that the SkyNomad had accumulated over 70,000 orders within its first month of launch. This marked Xiaomi's strongest share price increase in nearly three months. Despite facing challenges such as rising raw material costs and increased competition at home, analysts from Goldman Sachs Group believe the company's EV growth story remains supportive.
They note that while the initial figure may not meet bullish expectations, the SkyNomad's success, along with future new models, is expected to bolster delivery growth in China. Peer electric vehicle firms, including BYD and Li Auto, also saw gains, with both companies rising more than 4% in Hong Kong.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 2 other outlets
- Xiaomi shares jump 9% as strong EV orders boost sentiment freemalaysiatoday.com
- Xiaomi Shares Jump 9% as Strong EV Orders Boost Sentiment bloomberg.com
