China Xiaomi's market value soars by up to $7.6 billion on EV launch
Shares of China's Xiaomi surged as much as 16% on Tuesday as the electronics maker's sporty electric vehicle launched last week drew strong interest, though a brokerage forecast the firm would lose nearly $10,000 per car this year.
Xiaomi's SU7 - short for Speed Ultra 7 - enters a crowded China EV market with an attention-grabbing price tag - under $30,000 for the base model, cheaper than Tesla's Model 3 in China. Pic: Reuters