Xiaomi shares rose by 6% after the announcement of the launch of production of electric cars


Xiaomi securities rose in price after the announcement of plans to launch mass production of electric cars under the brand of the Chinese electronics manufacturer. 

On October 19, Xiaomi securities were trading at 22.65 Hong Kong dollars at 9.40 Moscow time zone on the Stock Exchange in Hong Kong. The electronics maker’s stock rose more than 6 percent after CEO Lei Jun said the company intends to produce electric cars. This is reported on the official website of CNBC.

The Chinese market of electric cars is supported by the state, so it is actively developing. Xiaomi cars will compete with cars from Nio and Xpeng. Larger competitors include Tesla and BYD. 

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