Xiaomi’s Hong Kong listing stock has skyrocketed in the last few months to the success of EVs. The smartphone maker launched its first EV, the SU7, almost a year ago. Xiaomi aims to provide 300,000 vehicles in 2025, boosting CEO Lei Jun’s wealth.
Xiaomi is best known for making smartphones, but the dream of electric cars has helped send a surge in stock in recent months.
Chinese companies’ Hong Kong-listed stocks have risen 31% this year, and have risen 255% over the past 12 months as investors plug into ambitious EV plans.
Beijing-based Xiaomi launched its first car, the SU7, almost a year ago. It’s only three years after the announcement of the move. Its debut came weeks after Apple abandoned its long-standing attempts to build the car.
Business Insider reviewed the SU7 last year, but concluded that it should not be simply driven, given it was from a company that had not produced vehicles before. Ford CEO Jim Farley is also a huge fan of the car.
The standard SU7 is very competitive at 215,900 yuan (about $30,000) and is about 30,000 yuan ($4,000) less than the Chinese Tesla Model 3.
Xiaomi delivered more than 135,000 vehicles last year, and CEO Lei Jun said in December that Xiaomi aims to sell 300,000 vehicles in 2025.
Xiaomi CEO Lei Jun launched the SU7 EV in Beijing last year. Michael Chan/Getty Images
Bin Wing, head of Asian automotive research at Deutsche Bank, said there was an estimated 41,000 orders for SU7 in January, compared to about 30,000 in December.
“This is due to a noticeable increase in showroom traffic. The company’s second product showcase, the “Yu7” SUV showcase. I wrote it.
Xiaomi is expected to continue to face supply shortages this year, thanks to its backlog of orders, a strong flow of new orders, and the debut of Yu7’s SU7 Ultra in mid-2025.
In a post on X last week, Jun said:
“Purchase” rating
Xiaomi’s share price rose $5.8 billion this year to $35.4 billion, following the Bloomberg Billionaire Index. He came in 49th on the Rich List, the only spot behind former Google CEO Eric Schmidt.
Stocks rose 7.3% to $44.70 hk on Friday. In a memo on February 6th, HSBC analyst Frank, he maintained his “buy” rating on the stock, increasing the target price from 37.90 to $49.90 hk.
He writes that Su 7’s monthly delivery exceeded 20,000 units in January for the fourth consecutive month, increasing the estimate for EV delivery this year from 304,000 to 330,000.
HSBC analysts also raised their forecast by 2% in 2025, hoping that China’s smartphone subsidy scheme will boost Xiaomi’s shipments.
The company accounted for 14% of the global smartphone market per counterpoint survey in the third quarter of 2024, up 3% year-on-year due to strong performance in China.
