Xiaomi Shares Jump After SkyNomad EV Hits 70,000 Orders
Xiaomi shares rose 9.2% in Hong Kong after the company reported over 70,000 orders for its SkyNomad electric vehicle within one month of launch.
Shares of Xiaomi rose as much as 9.2% in Hong Kong following the announcement that its new SkyNomad electric vehicle model accumulated more than 70,000 orders within its first month of launch.
The surge follows a period of market skepticism regarding the company's annual delivery targets. Xiaomi has recently struggled with intense domestic competition in China and rising raw material costs.
Analysts from Goldman Sachs Group stated that the order volume is supportive of the company's electric vehicle growth strategy. The positive market sentiment extended to other manufacturers, with BYD and Li Auto both seeing share price increases of more than 4% in Hong Kong.
