Chinese smartphone maker Xiaomi starts delivering the first of more than 100,000 EVs ordered

Beijing -Chinese smartphone maker Xiaomi on Wednesday said it has received more than 100,000 orders for its first car - a sporty electric vehicle called the SU7 - as it began deliveries.

Xiaomi's shares surged as much as 16% on Tuesday as the SU7 drew strong interest, though a brokerage forecast the firm would lose nearly $10,000 per car this year. Its shares traded more than 3% lower Wednesday morning, against a 1.1% fall in the broader Hang Seng Index. While the world's largest auto market is challenging for newcomers due to a cut-throat EV price war and slowing demand, analysts have said Xiaomi has deeper pockets than most EV startups and its smartphone expertise gives it an edge in smart dashboards - a feature prized by Chinese consumers.

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