Xiaomi Corp. shares jumped the most in nearly three months after the Chinese electric vehicle maker reported strong order numbers for its Sky Nomad model. Its shares rose as much as 9.2% in Hong Kong after the company said the model accumulated more than 70,000 orders within the first month of launch. Xiaomi’s shares have been struggling this year as the company coped with rising raw material costs and intense competition at home, with doubts growing over its ability to reach its annual EV delivery target.
While the headline figure “may fall short of the market’s most bullish expectations, we view the disclosure as broadly supportive of Xiaomi’s EV growth story,” Goldman Sachs Group Inc. analysts including Timothy Zhao wrote in a note. “Besides Sky Nomad, we expect new facelifts/models to support the delivery growth in China.” EV peers advanced, with BYD Co. and Li Auto Inc. both rising more than 4% in Hong Kong.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing