"Xiaomi's First EV Launch Sends Shares Surging"

Xiaomi's shares surged after the company announced it will start selling its electric vehicles, entering the competitive EV market in China led by Tesla and BYD. The company's foray into carmaking, led by billionaire co-founder Lei Jun, represents a multibillion-dollar bet and a significant challenge. Xiaomi's new electric vehicles, named SU7, will be available for purchase on March 28 in 29 cities, with a focus on high performance rather than budget pricing. The company has partnered with Beijing Automotive Group Co. to expedite the manufacturing process and is entering a tough market following the end of state reimbursements for EV buyers.