Xiaomi enters China’s luxury-car market with US$73,000 SU7 ‘Ultra’ EV

Company expects to sell 10,000 units of the high-end car each year, founder and CEO Lei Jun says

Reading Time:2 minutes

The Xiaomi SU7 Ultra EV has been available via presale since November with a price tag of US$112,000. Photo: Xiaomi

Published: 8:47pm, 27 Feb 2025Updated: 9:08pm, 27 Feb 2025

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.

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.

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.

The company jumped into China’s crowded EV market in March with its debut models, the SU7, SU7 Pro and SU7 Max, which was one of the most widely watched business shifts by a Chinese tech company.