"Xiaomi's First EV Launch Sparks Stock Surge and Tesla Showdown"

Xiaomi, the Chinese smartphone maker, announced that it will begin deliveries of its first electric vehicle (EV) model, the SU7, this month, marking its entry into the competitive EV market in China. The company's shares surged by 7% following the news. Xiaomi plans to leverage its existing customer base by integrating its cars with its popular phones and electronic devices. The SU7 is equipped with advanced electric motor technology and is set to be unveiled at a launch event on March 28. Xiaomi aims to become one of the world's top five automakers and has invested $10 billion in its auto venture over a decade.