8 hours ago
The Chinese company Xiaomi presents its first electric vehicle and wants to compete with Porsche and Tesla
Chinese consumer electronics company Xiaomi unveiled its long-awaited electric car on Thursday, December 28, 2023, but refused to reveal its price or a specific release date.
CNBC | Evelyn Cheng
China's consumer electronics company Xiaomi on Thursday laid out detailed plans to enter the country's saturated electric vehicle market, competing with automotive giants Tesla and Porsche with a car model that the company said it spent more than 10 billion yuan ($1.4 billion) to develop US dollars).
The model, known as Xiaomi SU7, “is in test production and will hit the domestic market in a few months,” CEO Lei Jun said in a Tuesday post on the social media platform X, formerly known as Twitter. “The price has not yet been determined.”
The Xiaomi SU7, pronounced “Sue Qi” in Mandarin, outperforms Porsche's Taycan and Tesla's Model S in acceleration and other metrics, Lei said during a three-hour presentation on Thursday.
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—Evelyn Cheng
9 hours ago
CNBC Pro: BofA survey finds fund managers wary of European stocks – here's why
Fund managers have struck a cautious tone about the outlook for the European economy – and the stock market – through 2024, but see some opportunities for investors.
A recent Bank of America survey found that 68% of professional investors surveyed see upside potential for European stocks in 2024, but 65% see a near-term downside. BofA surveyed 254 participants with a total of $691 billion in assets under management.
It follows a rocky year for European stocks, with the Stoxx 600 index rising 12.65% as of December 28.
CNBC Pro subscribers can learn more about fund managers' expectations here.
—Amala Balakrishner
9 hours ago
CNBC Pro: Piper Sandler reveals her top 3 biotech picks for 2024 – and gives one a 90% plus
Piper Sandler has named three small and mid-sized pharma stocks as its “Top Picks” for 2024 based on their attractive valuations, product approvals/launch pipeline, innovation plans and clinical data for the coming year.
The investment bank's optimism about biotech stocks comes as the sector is finally showing signs of recovery.
“After another difficult year, there are signs that biotech will recover in 2024. A pause or even a reversal in interest rate hikes is positive for biotech funding and M&A (mergers & acquisitions) remain active,” said analysts at Piper Sandler as they announced their top stocks.
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—Amala Balakrishner