Xiaomi's stock jumps 16% after launch of electric car

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HONG KONG (Reuters) -Shares of China's Xiaomi surged as much as 16% on Tuesday after the maker of smartphones and other consumer electronics last week...

HONG KONG -Shares of China's Xiaomi surged as much as 16% on Tuesday after the maker of smartphones and other consumer electronics last week launched a sporty electric vehicle whose design has been likened to Porsche's Taycan and Panamera sports car models.

The launch fulfils the ambition of Xiaomi's founder, Lei Jun, who announced the company's foray into EVs in 2021, pledging to invest $10 billion in the company's auto business as "the last major entrepreneurship project" of his life.Xiaomi has advised potential buyers of its SU7 electric sedan that they could face waits of four to seven months, a sign of strong demand for its first-ever vehicle.

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