Xiaomi Shares Jump as EV Maker Gears Up for New SU7 Model

By Jiahui Huang

Xiaomi's stock rose sharply as the Chinese smartphone and electric-vehicle maker completed production of the original SU7 sedan and geared up to produce the next generation of its flagship car.

The company's Hong Kong-listed shares rose as much as 5.4% on Wednesday before paring gains slightly. The stock was recently 5.0% higher in afternoon trading.

Xiaomi Chief Executive Lei Jun in a livestream late Tuesday confirmed that the final first-generation SU7 EV had rolled off the production line, closing the chapter on the company's first mass-market EV effort.

Lei also said that Xiaomi sold nearly 370,000 units of the original SU7 and that the company's production lines are being upgraded to prepare for mass production of the new SU7.

The electronics giant entered China's crowded EV market with the SU7 in March 2024. The car, a Porsche lookalike with a starting price around $30,000, quickly found success and became one of the more popular EV models in China, helping Xiaomi rank among the top Chinese EV makers.

The company will start selling the next-gen SU7 in April. The car will be equipped with lidar sensors to facilitate more advanced driving assistance features. Added safety features include two rear side airbags.

Xiaomi is likely to see strong orders for the SU7's successor, Daiwa said in a recent note.

Bernstein echoed the sentiment, saying, "We continue to see significant upside in EVs with the upcoming product cycle, as well as overseas expansion from 2027 when exports are expected to begin."

Write to Jiahui Huang at [e-mail]

(END) Dow Jones Newswires

02-11-26 0110ET