Xiaomi’s EV launch propels market value by $4 billion, near GM and Ford

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Shares of China’s Xiaomi (1810.HK), opens new tab 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.

The stock touched its highest since January 2022 on the first day of trading since the Thursday launch of Xiaomi’s debut car, which draws styling cues from Porsche. It later pared gains to close 9% higher, adding $4 billion to its market value.

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