Following the news of a new car model, shares of the Chinese consumer electronics company Xiaomi have reached record levels. Xiaomi shares surged to record levels after news of a new car model. During the day, Xiaomi shares rose by 5.9% to 47.80 Hong Kong dollars. The rise in shares was influenced by the news that the new car model would be exempt from taxes. The YU7 sports car by Xiaomi is expected to be released in June and July. It was noted that the Chinese Ministry of Industry and Technology included the car model in the list of vehicles exempt from or eligible for a reduced purchase tax. Furthermore, Xiaomi CEO Lei Jun was present at a meeting with business leaders hosted by Chinese President Xi Jinping. The company’s shares have increased by 40% since the beginning of the year.