Xiaomi’s shares hit a record high after the Beijing-based smartphone maker said it received 200,000 pre-orders for its latest electric vehicle in three minutes, threatening the positions of BYD, Tesla and other carmakers competing in China’s cut-throat market.
The Chinese group’s Hong Kong-listed shares rose 8 per cent after the market opened on Friday to an all-time high of HK$61.45 (US$7.83) before paring gains to trade up 3 per cent.
The jump came after Xiaomi, which started as a smartphone maker but has since branched out to other electronics, including electric cars, launched pre-orders for its YU7 sport utility vehicle on Thursday.
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