Investing.com– Xiaomi Corp (HK:) shares rose on Wednesday after recent government data showed the company’s electric vehicles outsold those of Tesla Inc (NASDAQ:) in China in October, even as broader Chinese EV sales weakened.
Xiaomi rose as much as 4% to HK$44.62, helping drive a 0.5% rise in the index.
Xiaomi sold a total 48,654 units of its SU7 Sedan and YU7 SUV in October, data from the China Passenger Car Association showed this week.
This was far greater than the 26,006 vehicles sold by Tesla in the month. The U.S. EV maker’s sales also slumped to their lowest level in three years, as its recent attempts to cut prices and update an ageing lineup yielded few results.
Xiaomi’s EV sales rose to a record high, showing strength after the electronics giant marked a strong debut in the EV sector in 2024. Its two models are also aimed at directly competing with Tesla’s Model Y and Model X.
China’s overall automobile sales, however, weakened in October as several government subsidies and incentives expired with no new measures from Beijing. The government was also seen withdrawing some measures from what it viewed as an overheated market.
Top EV maker BYD’s (HK:) October sales fell 12% year-on-year.
