Xiaomi to start delivering its first electric car model

Chinese company Xiaomi will start delivering its first electric car, the SU7, this month, and its shares have risen sharply on the back of this.

Here's What We Know

China's fifth largest smartphone maker told Weibo that it is starting to take pre-orders for an electric car. Amid these announcements, the tech giant's shares rose 7%.

Overall sales of electric vehicles in China grew by 18% in January-February (up from 21% last year). So this year, the market leader BYD has made a round of price cuts to boost consumer interest due to a slight weakening in domestic demand.

During the presentation of the Speed Ultra 7 (SU7) sedan back in December last year, CEO Lei Jun said that Xiaomi plans to become one of the world's five largest automakers.

According to the director, the SU7 has a "super-electric motor" technology that can accelerate faster than Tesla cars.

Source: Reuters