"Xiaomi's Electric Vehicle Launch Sparks Surge in Stock and Orders"

Xiaomi's shares surged 15% after the company launched its first electric car, the SU7, priced $4,000 less than Tesla's Model 3, with a claimed longer driving range. The Chinese EV market is competitive, with Xpeng and Nio offering purchase subsidies following government policy efforts to boost consumption. Growth of new energy vehicles in China is slowing, with Li Auto and Nio cutting their first quarter delivery estimates, while Huawei's Aito brand delivered 31,727 cars in March and BYD remained the industry giant with strong sales.