Xiaomi Shares Jump as China EV Sales Surpass Tesla in October
Xiaomi Corp (HK:1810) shares climbed sharply on Wednesday after new government data revealed that the company’s electric vehicle (EV) sales in China outpaced those of Tesla Inc (NASDAQ:TSLA) in October. The surge came even as overall Chinese EV sales showed signs of slowing.
The stock rose as much as 4% to HK$44.62, helping lift the Hang Seng Index by 0.5%.
According to data from the China Passenger Car Association, Xiaomi sold 48,654 units of its SU7 Sedan and YU7 SUV during the month. That figure was nearly double Tesla’s total of 26,006 vehicles, marking Tesla’s weakest monthly performance in three years.
Tesla’s recent price cuts and efforts to refresh its aging lineup have done little to revive demand. Meanwhile, Xiaomi’s record-breaking EV sales highlighted the company’s growing strength in the electric vehicle market, less than a year after its strong 2024 debut in the sector.
Both the SU7 and YU7 are positioned to compete directly with Tesla’s Model Y and Model X, underscoring Xiaomi’s ambitions to challenge global EV leaders.
However, China’s broader auto market softened in October as several government subsidies and incentives expired without renewal. Beijing also began scaling back support to cool what officials viewed as an overheated EV market.
Elsewhere in the industry, BYD Co. (HK:1211)—China’s largest EV maker—reported a 12% year-on-year decline in October sales, adding to concerns of a potential short-term slowdown across the sector.
