Xiaomi's stock rose 7.5% following the announcement of its EV launch in Hong Kong.

The company will debut its SU7 series in 29 cities on March 28 through a partnership with Beijing Automotive Group Co.

CEO Lei Jun claims the SU7 can outperform luxury brands like Tesla and Porsche with its 'super electric motor'.

Xiaomi's entry into the competitive Chinese EV market follows the end of state EV subsidies in 2022.

The SU7 boasts a 0 to 100kph acceleration time of 2.78 seconds, challenging Tesla's dominance.

Authorities have approved Xiaomi's market entry despite concerns over unfair competition.

Xiaomi is diversifying its portfolio beyond smartphones amidst growing EV demand in China.