BRIEF: Xiaomi debuts deluxe SU7 Ultra EV for $73,000

Following last year’s launch of its first electric vehicle (EV), the SU7, Xiaomi Corp. (1810.HK) on Thursday unveiled its luxury model, the SU7 Ultra, priced at 529,900 yuan ($72,932). Following the launch event, the company announced the model had received 6,900 orders within the first 10 minutes.

According to Reuters, the SU7 Ultra was initially available for pre-orders in last October for 814,900 yuan, comparable to the Tesla Model S Plaid. The official launch price represents a 35% reduction from the pre-sale price, though the luxury limited edition retains its original pricing. Xiaomi CEO Lei Jun said that owners of the BMW 5 Series, Audi A6, and Mercedes-Benz E-Class had shown interest in the SU7 Ultra but found the cost too high. After months of discussions, Xiaomi decided to lower the price.

Last March Xiaomi introduced its first EV, the SU7, which bears a strong resemblance to Porsche models, with a starting price of 216,000 yuan. At the latest launch event, Lei revealed that Xiaomi had sold over 248,000 SU7 units within nine months of its release through the end of last year, with more than 135,000 units delivered.

Xiaomi’s stock opened 4.9% higher on Friday, but later reversed gains and closed lower at HK$51.85, down 2.4%. The stock hassurged 50% this year.

By Lee Shih Ta

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