Xiaomi Seeks Major EV Expansion, Acquires Land For $116M
Portfolio Pulse from Anusuya Lahiri
Xiaomi Corp has acquired land in Beijing for $116 million to expand its EV production, aiming to produce a Tesla Model Y-like SUV by 2025. This move is part of a $10 billion plan to establish a strong presence in the EV sector. Chinese EV stocks XPeng Inc (NYSE:XPEV) and Li Auto Inc (NASDAQ:LI) are trading lower on Monday.
July 29, 2024 | 11:01 am
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NEUTRAL IMPACT
Tesla Inc (NASDAQ:TSLA) is indirectly mentioned as Xiaomi plans to produce a Model Y-like SUV by 2025.
Tesla is indirectly mentioned as Xiaomi's new SUV will be similar to Tesla's Model Y. The impact on Tesla's stock is neutral in the short term.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
Li Auto Inc (NASDAQ:LI) stock is trading lower following Xiaomi's announcement of acquiring land for EV expansion.
Li Auto's stock is likely impacted negatively due to increased competition from Xiaomi's aggressive expansion in the EV market.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
XPeng Inc (NYSE:XPEV) stock is trading lower following Xiaomi's announcement of acquiring land for EV expansion.
XPeng's stock is likely impacted negatively due to increased competition from Xiaomi's aggressive expansion in the EV market.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80