Following news about the new car model, shares of Xiaomi have reached record levels. The shares of the Chinese consumer electronics company Xiaomi rose to record levels after news about a new car model. Within the day, Xiaomi shares rose by 5.9% to as high as 47.80 Hong Kong dollars. The news that the new car model would be eligible for tax exemption was effective in the rise of shares. The YU7 sports car by Xiaomi is expected to be released in June and July. It was reported that the Chinese Ministry of Industry and Technology included the car model in the list of vehicles exempt or eligible for a tax discount. On the other hand, Xiaomi CEO Lei Jun was among the business leaders who met with Chinese President Xi Jinping. The company’s shares have shown a 40% increase since the beginning of the year.