Chinese Tech Company Sees Shares Rise 16% After EV Launch
Shares of Chinese company Xiaomi soared by 16% after the Beijing-based tech company launched an electric sports car to significant market interest. Although there were predictions of Xiaomi losing close to $10,000 per car in 2024, its shares surged as investor interest in the tech firm exploded following its announcement and reached their highest level in more than two years. Xiaomi shares went up by another 9% amid investor anticipation for its debut electric car, adding a whopping $4 billion to Xiaomi's valuation and putting the tech company's valuation above established carmakers. The Chinese company's value ultimately peaked at $55…
