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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Xiaomi Shakes Up Chinese EV Sector, Keeping Rival XPeng on Its ToesXiaomi Corp.’s foray into electric vehicles and how it might shake up the industry in China will be scrutinized when it reports earnings alongside established competitor XPeng Inc. this week.
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