Xiaomi soars 16% as new EV draws strong interest; buyers may face months-long wait

News Snapshot:

Xiaomi's (OTCPK:XIACF) first ever electric vehicle SU7 has garnered strong interest from customers after its launch last week, sending its Hong Kong-listed shares soaring as much as 16% on Tuesday. The company received 88,898 SU7 pre-orders within the first 24 hours of sales, it said on social media app Weibo. In response to the strong demand, Xiaomi (OTCPK:XIACF) asked suppliers to increase production capacity to meet a monthly target of 10K cars, according to a report by local media outlet Yicai. Higher-end variants would be given top priority. The company previously planned to produce ~4K-5K vehicles by April. It has...