Xiaomi’s stock jumps 16% after launch of electric car

Shares of China’s Xiaomi surged as much as 16% on Tuesday after the maker of smartphones and other consumer electronics last week launched a sporty electric vehicle whose design has been likened to Porsche’s Taycan and Panamera sports car models.

Xiaomi shares touched their highest since January 2022 on the first day of trading after the Easter holiday break and the first since it launched its first-ever vehicle.