Xiaomi Corp.’s shares rose 8% to a record high after the smartphone maker drew strong initial orders for a $35,000 sport utility vehicle intended to compete with Tesla Inc.’s Model Y in China. The company on June 26 took the wraps off the 253,

SHANGHAI (Reuters) -Hong Kong-listed shares of Xiaomi opened up 8% on Friday, after the launch of a new electric car model. The shares were up roughly 5% in early trading, after the Chinese EV and smartphone maker on Thursday priced its new electric YU7 SUV from 253,

The unveiling of Xiaomi Corp.’s first electric SUV on Thursday will showcase how the Chinese tech company has become an investor darling with its high-stakes bet on the auto market.