Inicio Financial Xiaomi’s ‘Ultra’ luxury EV hits China market at US$73,000

Xiaomi’s ‘Ultra’ luxury EV hits China market at US$73,000

Xiaomi’s ‘Ultra’ luxury EV hits China market at US$73,000
Xiaomi, the Chinese smartphone maker that has made a successful charge into electric vehicles (EVs), entered the luxury segment of that market on Thursday with the official launch of the SU7 Ultra, its most premium model so far.

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The company set the price of the four-door sedan, first unveiled in April, at 529,900 yuan (US$72,929), 35 per cent less than the 814,900 yuan quoted when presales began in October. The Ultra edition is equipped with Xiaomi’s Hyper-Autonomous Driving (HAD) technology, a smart driving system unveiled in November, the company said.

Lei Jun, founder and CEO, said at a launch event on Thursday that Xiaomi received orders for 248,000 EVs in the first nine months of 2024, and delivered 135,000 vehicles during the same time.

The company also launched a smartphone, the Xiaomi 15 Ultra, on Thursday. The phone and the SU7 were the most “high-end” products Xiaomi had produced and marked the beginning of a move to “ultra-high-end” markets, Lei said on Chinese social-media platform Sina Weibo on Monday.

“The SU7 Ultra will redefine the standards of luxury cars,” Lei said, adding that earlier this month it beat a Porsche Taycan Turbo GT to become the fastest mass-produced four-door car to lap the Shanghai International Circuit.

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Xiaomi was 90 per cent certain that the SU7 Ultra would reach annual sales of 10,000 units, he said in another post on Wednesday.

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