Xiaomi’s recent venture into the electric vehicle (EV) market has sent shockwaves throughout the automotive industry, propelling its market value by an astonishing $7.6 billion and surpassing longstanding giants like GM and Ford. This bold move marks a significant milestone for Xiaomi as it expands beyond its traditional domain of consumer electronics. With the announcement of Xiaomi EV Launch, investors have shown tremendous confidence in the company’s strategic direction and its potential to disrupt the automotive landscape.
In Beijing, China, Xiaomi’s shares saw a significant increase of up to 16% on Tuesday, April 2nd. This surge followed the recent launch of Xiaomi’s electric vehicle, which garnered considerable attention. However, despite the positive reception, a brokerage firm predicted that Xiaomi could face losses of nearly US$10,000 per car this year. Despite this projection, Xiaomi’s market value increased by approximately US$7.6 billion, reaching its highest level since January 2022. The debut car, which draws design inspiration from Porsche, was unveiled by Xiaomi last Thursday.
The Chinese company, which gets a majority of its US$37.5 billion revenue from being a smartphone vendor, now has a valuation of US$55.2 billion, higher than that of traditional US automakers General Motors and Ford, at US$52.4 billion and US$53.1 billion, respectively.
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Xiaomi’s EV Launch Surges Market Value by $7.6 Billion, Surpassing GM and Ford
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