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China’s latest EV is a ‘connected’ car from smart phone and electronics maker Xiaomi

Visitors to the Xiaomi Automobile flagship store look at the Xiaomi SU7 electric car on display in Beijing, Tuesday, March 26, 2024. Xiaomi, a well-known smart consumer electronics brand in China, is joining the country’s booming but crowded market for electric cars. (AP Photo/Ng Han Guan)

A man peeks at the interior of the Xiaomi SU7 electric car on display in Beijing, Tuesday, March 26, 2024. Xiaomi, a well-known smart consumer electronics brand in China, is joining the country’s booming but crowded market for electric cars. (AP Photo/Ng Han Guan)

Xiaomi founder Lei Jun shows off the multiple colours of the SU7, a sporty four-door sedan, during a launch event in Beijing, Thursday, March 28, 2024. Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country’s booming but crowded market for electric cars. (AP Photo/Ng Han Guan)

Xiaomi founder Lei Jun speaks at a launch event for the SU7, a sporty four-door sedan, in Beijing, Thursday, March 28, 2024. Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country’s booming but crowded market for electric cars. (AP Photo/Ng Han Guan)

Xiaomi founder Lei Jun shows off the colours of the SU7, a sporty four-door sedan, with matching Xiaomi smartphones in Beijing, Thursday, March 28, 2024. Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country’s booming but crowded market for electric cars. (AP Photo/Ng Han Guan)

Xiaomi founder Lei Jun, waves after introducing the SU7, a sporty four-door sedan in Beijing, Thursday, March 28, 2024. Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country’s booming but crowded market for electric cars. (AP Photo/Ng Han Guan)

Visitors to the Xiaomi Automobile flagship store look at the interiors of a Xiaomi SU7 electric car on display in Beijing, Tuesday, March 26, 2024. Chinese smartphone maker Xiaomi announced that it will deliver its first electric vehicle on March 28, 2024. (AP Photo/Ng Han Guan)

Visitors to the Xiaomi Automobile flagship store looks at the Xiaomi SU7 electric car on display in Beijing, Tuesday, March 26, 2024. Chinese smartphone maker Xiaomi announced that it will deliver its first electric vehicle on March 28, 2024. (AP Photo/Ng Han Guan)

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BEIJING (AP) — Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country’s booming but crowded market for electric cars with a sporty high-tech sedan.

The tech company began accepting orders in China via an app on Thursday night, after founder Lei Jun wrapped up a more than two-hour presentation on the SU7 car by announcing the much-awaited price range: 215,900 yuan to 299,900 yuan (about $30,000 to $40,000).

Xiaomi said that it received 50,000 orders for the SU7 in the first 27 minutes after sales opened at 10 p.m. Beijing time (1400 GMT).

Government subsides have helped make China the world’s largest market for electric vehicles, and a bevy of new makers are locked in fierce competition. Most of the industry’s sales have been domestic, but Chinese makers are pushing into overseas markets with lower-priced models, posing a potential challenge to European, Japanese and American auto companies.

Lei wasn’t bashful about that challenge, saying that Beijing-based Xiaomi aims to become one of the world’s top five automakers in the next 15 to 20 years. It’s hard to make cars, he told an audience in a live-streamed presentation at a convention center, but added that it’s cool to succeed.

The combined share of EVs and hybrids in China’s auto sales is likely to reach 42% to 45% this year, up from 36% in 2023, according to Fitch Ratings. But the agency said in a December report that the competition could put pressure on automakers’ short-term market share and profitability.

Lei said Xiaomi would lose money on the basic model at 215,900 yuan, a price that undercuts the Tesla Model 3 in China. He claimed the SU7 outperformed the Tesla in most categories, though the top-line version falls short of the Porsche Taycan.

“There’s still a long way to go for our car to become a Porsche,” he said, but that if Xiaomi keeps striving for five to 10 years, “we will eventually surpass Porsche one day.”

Known for its affordable smartphones, smart telvisions and other devices, Xiaomi aims to capitalize on that technology by connecting its cars with its phones and home appliances in what it calls a “Human x Car x Home” ecosystem.

Lei presented the SU7 as a high-performance vehicle with a long range, before highlighting its smart features, such as talking to a delivery person from the car when the doorbell rings at home. In a nod to the popularity of the iPhone, he said that the system would be compatible with Apple as well as Xiaomi phones.

Tu Le, the founder of the Sino Auto Insights consultancy, said that Xiaomi is trying to close the loop by adding transportation to a product mix already integrated into its customers’ personal and professional lives.

“The ability to seamlessly be a continuous part of someone’s life is the holy grail for tech companies,” he said in an emailed response. “You probably don’t know anyone in Beijing that doesn’t have at least one Xiaomi product, be it a mobile phone, computer, TV, (air) purifier, or tablet.”

As a newcomer to automaking, the company is making an educated guess that it can design and develop a car that will sell, he said. Given the sluggish Chinese economy and an ongoing EV price war, he predicted it would take a year or two to see if Xiaomi can adapt to correct any missteps and succeed.

“They are a technology company, so that’s their advantage, but they need to reconcile that with drinking through a fire hose to learn how to be a tech company that builds cars,” Le said.

CreditSights, a financial research firm, said that it expects Xiaomi’s EV division to sell 60,000 vehicles in its first year and lose money for its first two years because of high marketing and promotion costs.

Chinese automakers trying to expand abroad face political headwinds.

The European Union is investigating Chinese subsidies to determine if they give made-in-China EVs an unfair market advantage overseas. The U.S. announced an investigation last month into Chinese-made connected cars that it says could gather sensitive information about their drivers.

“China is determined to dominate the future of the auto market, including by using unfair practices,” President Joe Biden said when the U.S. investigation was announced. “China’s policies could flood our market with its vehicles, posing risks to our national security. I’m not going to let that happen on my watch.”

China pushed back this week, filing a World Trade Organization complaint that alleges that U.S. subsides for electric vehicles discriminate against Chinese products.

The U.S. Defense Department put Xiaomi on a blacklist in 2021 over alleged links to China’s military, but removed it a few months later after the company denied the links and sued the U.S. government.

Associated Press researcher Yu Bing and video producer Caroline Chen contributed to this report.

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Trump’s Media Company Worth Nearly $8 Billion on First Trading Day

Trump Media & Technology Group, fresh from a merger with a cash-rich shell company, started trading on the Nasdaq, adding billions of dollars to the former president’s wealth.

By Matthew Goldstein and Joe Rennison

Former President Donald J. Trump’s social media company jumped on its first day of trading on the Nasdaq on Tuesday, giving the company an estimated market value of close to $8 billion, larger than established corporations like Mattel, Alaska Airlines and Western Union.

The biggest beneficiary of the market action has been Mr. Trump, who owns about 60 percent of Trump Media, making him the largest shareholder. His stake in the company — the parent of Truth Social, the online platform that is Mr. Trump’s main megaphone for reaching supporters and attacking critics — is worth about $4.6 billion on paper.

For many investors, investing is as much as a sign of support for Mr. Trump personally as it is for his relatively small, loss-making social media company, which describes itself as a platform that stands against censorship by Big Tech. Such was the frenzy on Tuesday that trading in Trump Media’s shares was briefly halted by the stock exchange shortly after it opened because of extreme volatility. After gaining as much as 40 percent, the stock eased toward the close, ending the day 16 percent higher.

Trump Media closed its merger with Digital World Acquisition Corporation, a cash-rich public shell company, on Monday.

“We do appreciate President Trump but it’s more about free speech,” said Mark Willis, 63, who lives in Indian Trail, N.C. and has been buying shares in the public shell company that merged with Trump Media ever since the merger plan was proposed in 2021. “We believe this is the only social media platform that is not heavily influenced by the government.”

Scott Lewczak, a graphic designer in Nokesville, Va., and another longtime shareholder, said he is going to make money on the big surge in the price of Trump Media, but that is not the point. He said his investment was to support Truth Social and Mr. Trump.

“Even if I lose every penny, I will fight to the end,” Mr. Lewczak said.

The investors who have piled into the stock of Digital World, and now Trump Media, have tended to be individuals, rather than investment firms and hedge funds.

By most traditional measures, Trump Media’s valuation is inordinately high. The company took in just $3.3 million in revenue during the first nine months of last year, all from advertising on Truth Social, and recorded a loss of $49 million.

That means Trump Media’s market value is nearly 2,000 times its estimated annual revenue. Investors sometimes assign lofty valuations to small, loss-making companies in anticipation of rapid growth — or a belief that other investors will continue to bid up a company’s shares, for whatever reason — but typically not on this scale.

Other social media companies trade at far smaller price-to-sales ratios than Trump Media: Reddit is around 10, Meta is 7 and Snap is 6, according to FactSet. High-flying tech stocks like the chipmakers Nvidia and ARM trade at price-to-sales ratios of about 25.

On a message board on Truth Social, created by supporters of the merger, some of these investors cheered on the stock-market debut of Trump Media.

“If anyone deserves to be a trillionaire, it is Donald J Trump,” one poster said. “Never bet against a billionaire with over a hundred million supporters who are determined to fix America and preserve freedom for all” said another.

Chad Nedohin, 40, who has been a vocal supporter of the merger on Truth Social, said in an interview that most people buying Trump Media’s stock are not focused on the valuation of the company but making sure Truth Social remains viable.

“You are looking at people who are investors and not traders,” said Mr. Nedohin, who lives in Canada and works as an engineer and a Christian worship leader. “We are seeing long-term holders who are MAGA and they are Trump’s base.”

Still, based on its trading patterns, Trump Media looks a lot like the so-called meme stocks — GameStop, AMC Entertainment and others — that were propelled to dizzying heights by armies of amateur investors during the pandemic. Meme stocks tend to trade more on emotion than fundamentals.

“It’s difficult to say how this will trade, but it definitely has the DNA of a meme stock, so we might see some extreme volatility,” said Kristi Marvin, a former investment banker and editor of SPACInsider, which gathers data on the market for special purpose acquisition companies.

Trump Media’s prospects met with skepticism on popular investment boards on the social media platform Reddit. “Do people really dare to buy this stock?” asked one poster.

Many of the publicly listed holders of the stock, with most filings dating to the end of 2023, are retail investment advisers who help facilitate trading on behalf of individual clients, and those contacted by The New York Times were broadly unwilling to express a view on Trump Media themselves.

“Our typical advice to our clients is that you are best owning a diversified portfolio,” said Kevin Grogan, chief investment officer for Buckingham Wealth Partners.

Digital World was founded as a special purpose acquisition company. The sole purpose of a SPAC is to raise money from investors and then merge with an operating business, which then becomes the publicly traded entity.

Any big investors that bought shares of Digital World or Trump Media would not be required to publicly disclose their holdings until the middle of May. Some big investors have shorted, or bet against, Trump Media shares, on the assumption that the company cannot continue to trade at such a heady price.

Trump Media, according to S3 Partners, a financial data company, is now the most shorted company to merge with a SPAC in the United States.

The merger between Trump Media and Digital World this week was completed as Mr. Trump faced a deadline to secure a bond to cover a big penalty imposed by a judge in a civil fraud case. But in a break for Mr. Trump, an appellate court reduced the amount that he would need to post, to $175 million from $454 million, and gave him more time to raise the money.

The appellate court’s action seemed to ease the pressure on Mr. Trump to try to tap his newfound Trump Media wealth. To do so, he would need the company’s new seven-member board to remove a restriction that prevents him from selling shares or using shares as collateral for six months.

The board may still vote to loosen that restriction if that is what Mr. Trump wants. He holds tremendous sway over the company: Besides owning about 60 percent of Trump Media’s stock, he owns a separate class of shares that gives him at least 55 percent voting power over any measure presented for a shareholder vote. And the company’s seven-member board is stacked with loyalists, including his eldest son, Donald Trump Jr.

But now that Mr. Trump no longer faces an urgent need to raise a large amount of cash, he might be content to let the six-month restriction on selling shares remain. From Mr. Trump’s perspective, the surging price of Trump Media’s shares gives him bragging rights on the campaign trail. One of his political calling cards has been to talk about his success as a businessman and his enormous wealth — something that’s easier for him to do since the merger.

The bigger challenge for Trump Media’s board is coming up with a strategy to increase the company’s business and expand the reach of Truth Social in order to justify the company’s valuation. Truth Social is a relative minnow in the social media universe and largely dependent on Mr. Trump’s posts for drawing traffic.

In merging with Digital World, Trump Media got a badly needed infusion of roughly $300 million in cash that Digital World had raised from investors. Without that infusion, Trump Media and Truth Social were looking at potentially shutting down.

And as a public company, Trump Media will be required to file periodic financial reports with the Securities and Exchange Commission and reveal in detail any deals it may strike with Mr. Trump.

“In a public company you have the scrutiny now of investors and regulators,” said Usha Rodrigues, a professor of corporate law at the University of Georgia School of Law. “Any stockholder now has standing to bring a lawsuit if they claim one of the company’s statements is misleading.”

Matthew Goldstein covers Wall Street and white-collar crime and housing issues. More about Matthew Goldstein

Joe Rennison writes about financial markets, a beat that ranges from chronicling the vagaries of the stock market to explaining the often-inscrutable trading decisions of Wall Street insiders. More about Joe Rennison

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Ecosystem Kalinka

Luxury real estate in Russia, Europe, Asia and Middle East for a comfortable life and profitable investment. Our team — it is an association of market professionals, innovations and digital technologies, traditions and continuous development.

In the premium real estate market

Share of the moscow market, clients, including the forbes list, objects in the company's database., market experts work in the company, cumulative revenue, company turnover per year, the most expensive penthouse sold, ekaterina rumyantseva.

CEO of Kalinka Ecosystem

Our Mission: Tradition & Innovation

Pre–sale preparations

• Examination of competitors' sales
• Securing our sales plan
• Creation of a sales office
• Product training for brokers
• Development of efficient financial instruments
• Developing sales incentives

• Implementation of sales plan
• Premium brokerage/ brokers school
• Own client base
• Sales funnel management
• Mortgage broker services
• Legal support
• Monitoring of all stages of implementation

After–sales service

• Working with accounts receivable
• Informing the customer about the project status
• Working with customer reviews
• Loyalty programs
• Recommendation deals

International recognition

Aldar Properties

TOP Performing Dubai Agency

TOP 15 Performing Agency

Envoy Category

AZIZI Developments

TOP Performing Agency New Grade Reached

Select Group

TOP Performing Agent Runner Up

#1 Agen Newcomer of the Year

TOP Performing Sales Agent Ambassador Category

New grade reached Consul Category

Rolls–Royce

BEST REAL ESTATE AGENCY MARKETING RUSSIA

2021 – 2022

Awwards Winner

2019 – 2020

BEST REAL ESTATE AGENCY SINGLE OFFICE MOSCOW

REAL ESTATE AGENCY MOSCOW

2018 – 2019

2017 – 2018

official airline partner

The Telegraph

2016 – 2017

Rolls–Royce motor cards

2014 – 2015

in association with

Virgin Atlantic

PROPERTY CONSULTANCY RUSSIA

2013 – 2014

Best real estate company for high price category real estate according to the magazine «Novyy Adres»

First place in the Forbes rating № 4 (25). Leader in the number of closed deals in the segment of high-budget real estate according to the survey of NVM Business Consulting.

First place in the real estate market records award in the category of «Professional pride» with the project «Dvoryanskoye Gnezdo».

Only Russian company to win in three «International Property Awards» nominations.

Best real estate agency in Russia according to the «Premio Internazionale Le Fonti» award. Winner of two «International Property Awards» nominations.

Best real estate agency in Russia according to the «International Property Awards» with the presence of representatives of The Daily Telegraph.

First place in the «European Property Awards» in «Real Estate Agency Marketing for Russia». A high appraisal of an important part of the company’s work — management of marketing and sales of real estate developers.

First place in the «European Property Awards» in «Real Estate Agency for Moscow, Russia»

Best company in both Real estate and Marketing according to the «European Property Awards»

Solutions for developers, investors and buyers

Urgent buyout of distress-assets, apartments trade-in, accurate assessment with ai, investors club, apartments for sale, investing in redevelopment.

«Working daily with buyers and sellers of real estate. We know everything, from the customer’s first call up to the final sales.»

Ekaterina Rumyantseva,

our own full-time team of analysts and investment advisors

Created and implemented more than 200 consulting projects, analysis of the target group behavior utilizing a modern crm system, analysis of 1,000 customer requests and 300 transactions per year, own real estate database, updated daily, purchase and support of related databases, data on real estate lots in “closed sales”, information about the actual transaction sum and bargaining, kalinka realty.

Buying, selling and renting real estate

Kalinka Consulting

Complex solutions for developers

Kalinka Legal services

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Kalinka Design

Professional selection of architects and designers

Kalinka analytics

Reviews of the real estate market in Moscow and MO

Kalinka Media

Current webinars and  situation in market

Kalinka International

Profitable investment. Citizenship and residence permit

30% of real estate transactions are not done after the purchase decision has been made. That’s why we maintain a constant dialogue with the buyer, lawyers, mortgage brokers and designers, to study the needs and implement the solution.

Our Partners

• AB Development
• ANT Development
• Capital Group
• Central Properties
• Insigma Development

Investment companies

• Capital Partners
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• Otkritie Capital

Design and architecture

• Andrew Martin
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• Helene Benhamou
• Jade Jagger
• Kelly Hoppen

Kalinka International (UAE, Turkey)

Programs for any purpose:

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Kalinka Dubai

• Buying property in the UAE
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Simplified visa system

No income tax, high return on investment, full ownership.

The Ritz-Carlton Residences

Collection of luxury residences

UAE, Dubai, Dubai International Financial Center, Al Sukuk Street, 9/1

The complex is located on the coast of the picturesque bay of Dubai Creek, where the world-famous Ras Al Khor flamingo and wildlife sanctuary is located. A unique location among mangrove forests, small lagoons and lakes combines peace and tranquility with the advantages of a large metropolis.

Rent – Start of sales.year

DAMAC Lagoons

Family low-rise residential complex

UAE, Dubai, Dubai Land, El Hebia Fift

Family low-rise residential complex in the spirit of the Mediterranean cities in the depths of Dubai. Convenient location allows you to get to large shopping centers, business clusters and offices of international companies in 20 minutes. Nearby are medical facilities, schools, an equestrian club, golf courses and the Dubai Sports City multifunctional complex.

Rent – year

DAMAC Cavalli Tower

UAE, Dubai, Dubai Media City

Elite residential complex on the west coast of Dubai, in the prestigious Al Sufuh area.

Atlantis The Royal Resort & Residences

Complex in the center of the Palm Jumeirah crescent

UAE, Dubai, Jumeirah, Palm JumeirahUnited Arab Emirates, Dubai, Jumeirah, Palm Jumeirah

Luxury residential complex in the center of the crescent of the Palm Jumeirah in Dubai. The developed infrastructure of the man-made island is impressive: gourmet restaurants, modern fitness studios, luxurious wellness clubs, shops and boutiques in Nakheel Mall. Well-maintained walking and jogging paths stretch along the many kilometers of beaches with snow-white sands.

Canal-front luxury serviced apartments

UAE, Emirate of Dubai, Zabeel, Business Bay

Luxury canal-front serviced apartments in the heart of Dubai.

W Residences Dubai Downtown

Complex in the prestigious Downtown area

UAE, Dubai, Zabeel, Burj Khalifa

Elite residential complex in the prestigious Downtown area, in the center of Dubai.

Kalinka Turkey

• Elite real estate
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Get a selection of foreign investment offers

Moscow exclusive properties, 6 unique projects, popular areas of moscow, secure business transactions, developed infrastructure.

Sociocultural cluster with modern apartment buildings

Zvenigorodskaya 2nd st., 12

The residential quarter is located on an area of 4.5 hectares, 200 meters from the Ulitsa 1905 Goda metro station, surrounded by parks: Krasnaya Presnya, Krasnogvardeyskie Prudy, the December Uprising Park and the Presnensky Childrens Park

Poklonnaya 9

Premium apartment house

Poklonnaya st., 9

he complex is located in a prestigious location in the west of the capital. Panoramic windows offer magnificent views of Victory Park, Sparrow Hills and Moscow City towers.

Victory Park Residences

Elite family residences in the west of the capital

Brothers Fonchenko st., vl. 3

he complex is surrounded by green parks and iconic sights of the city. Panoramic windows offer magnificent views of Poklonnaya Gora, the Triumphal Arch and City skyscrapers.

Capital Towers

Residential skyscrapers 500 meters from Moscow City

Krasnopresnenskaya emb., 14, building 1

A 10-minute walk from the metro stations "International" and "Vystavochnaya", a little further - the platform of the MCC "Business Center" and "Testovskaya" of the first Moscow diameter. For motorists, convenient exits to the Third Ring Road and the Garden Ring are located 6 minutes from the complex.

Neva Towers

Complex on the territory of the business center Moscow-City

Krasnogvardeisky 1st pr-d, 17-18

Panoramic windows offer direct views of the legendary Ukraina Hotel, the Government House and the embankments of the Moscow River. Residents have access to the entire infrastructure of the business district within a 10-minute walk. Afimall shopping center, multiplex cinema, cafes and restaurants, fitness studios, beauty salons and viewing platforms.

Club city on the river

Volokolamskoe sh., vl. 71/12

Moskvoretsky Park is a 5-minute walk away. In 10 minutes by car - the parks Shodnya, Pokrovskoe-Streshnevo and Stroginsky. A grandiose sports infrastructure is planned on the territory of the peninsula: more than 30 types of activities in one location and three yacht clubs in the neighborhood.

Community participation

PR and Media

Kalinka is in the TOP-3 in terms of citation in  the media in the elite real estate market and in the TOP-5 of business class and investment segment. Monthly number of publications mentioning Kalinka  — 250-300. Main sources: RBC, Forbes, Vedomosti, Kommersant, BFM, Elitnoe.ru. Joint analytics and press releases with leading Moscow developers: Insigma, AEON, Level Group and others. The Kalinka press service is always open to the media: journalists can be sure of comments, interviews and expert opinions. We promptly respond to requests and help the editors in the preparation of objective and high-quality materials.

A fifth of the entire interior improvement in the premium segment is created in the area of Minskaya Street

According to research of the Kalinka Ecosystem, the total area of internal landscaping in 40 projects on the premium real estate market in Moscow is 43.5 hectares.

Russians remain the leaders in buying Turkish real estate

Russians still occupy the first place in the demand for real estate in Turkey among foreigners. However, compared to 2022, there is a decrease in demand from our fellow citizens by 17%.

"Obydensky No. 1" became the best-selling club house in Moscow

According to a study of the Kalinka ecosystem, sales in 11 club houses started in the capital in 2023. The leader in sales was the club house "Obydenskiy No. 1", in other projects clients purchased on average four times fewer apartments.

The Kalinka ecosystem has summed up the results of its first year of operation in the UAE.

The Kalinka ecosystem has strengthened its top management team.

In two regional divisions of the company - Kalinka Turkiye and Kalinka Middle East - new sales directors have been appointed.

Kalinka Middle East has received several awards from a leading developer in Abu Dhabi.

The company won in several nominations as a developer of Aldar Properties and has been included among the best real estate agencies in Abu Dhabi.

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CEO of International consulting company Kalinka

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Denis Trusov

Dmitry Mezhinsky

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• Company Moscow City Telephone Network

RU0009036461

Integrated telecommunications services, business summary.

Sales per Business

Sales per region, members of the board, share class, shareholders, company contact information.

Moscow City Telephone Network PJSC

25/1, Bolshaya Ordynka Street

119017, Moscow

Sector Wired Telecommunications Carriers

• Stock Moscow City Telephone Network - Moscow Micex - RTS

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