Xiaomi's stock rose sharply on Monday following the company's announcement that it will unveil an updated version of its SU7 electric sedan later this week. The shares of Xiaomi Corp (HK:1810) climbed more than 5% to HK$35.16, making the stock one of the largest contributors to the Hang Seng index's gain of over 1% on the day.
The company said it will officially present the next-generation SU7 on March 19. The timing comes shortly after CEO Lei Jun indicated the car's release timetable would be accelerated. Xiaomi also plans to introduce two new flagship products on the same March 19 date.
Xiaomi described the updated SU7 as having improvements to its battery, safety systems and hardware components. The company positions this revised model as a key element of its goal to sell at least 550,000 electric vehicles in 2026.
Market observers have noted Xiaomi's rapid entry into the EV space. The firm's first-generation SU7, released in 2024, marked a strong initial market entry, and its YU7 electric crossover registered strong sales after being launched in 2025, according to the company's reported performance.
At the same time, Xiaomi operates in a highly competitive Chinese EV market. The market is the largest globally and is characterized by intense rivalry among domestic manufacturers, which the company says has included steep discounting as firms seek greater market share.
Xiaomi's own EV sales fell nearly 14% year-on-year in February, a figure the company reported that underscores recent sales volatility.
Summary: Xiaomi confirmed a March 19 launch for an updated SU7 electric sedan and two new flagship products, triggering a more than 5% rise in its shares to HK$35.16 and helping lift the Hang Seng by over 1%. The SU7 updates - billed as improvements to battery, safety and hardware - are tied to Xiaomi's objective of at least 550,000 EV sales in 2026, even as EV sales declined about 14% year-on-year in February.
Context and market reaction: The announcement and accelerated launch timeline voiced by CEO Lei Jun preceded the share move. Xiaomi's earlier product entries include the first-generation SU7 in 2024 and the YU7 crossover's 2025 launch, both of which the company reported as strong early performances.