Xiaomi, the Chinese tech giant best known for smartphones, is diving headfirst into the electric vehicle (EV) market with its first SUV. The company’s stock is soaring, hitting near-record highs and even surpassing BYD—China’s top EV maker—in market value at $187 billion. This move signals Xiaomi’s ambitious bet on the booming EV sector in the world’s largest car market.

Editor’s Note: Xiaomi isn’t just sticking to gadgets anymore—it’s making a serious play for the auto industry. If successful, this could shake up China’s already competitive EV market, where tech companies are increasingly challenging traditional carmakers. For consumers, more competition could mean better, more affordable EVs. For investors, it’s a sign that Xiaomi’s growth story isn’t slowing down anytime soon.