AsianFin -- Shares of Xiaomi surged in Hong Kong trading on Friday following the debut of its latest electric vehicle, the YU7 SUV.

The stock opened 8% higher and was up around 5% in early trading. The Chinese tech giant, known for its smartphones, unveiled the YU7 on Thursday with a starting price of 253,500 yuan ($35,364)—nearly 4% lower than Tesla’s Model Y—marking its latest push into the competitive EV market.