Xiaomi launched a high-end version of its SU7 electric sports car on Tuesday, setting the price at 814,900 yuan ($114,000) and aiming to position the vehicle as China’s fastest mass-produced four-door car.
The move places Xiaomi in direct competition with established electric vehicle (EV) brands like Tesla (TSLA.O) and Porsche.
Xiaomi, traditionally known for its smartphones and household appliances, entered China’s growing EV market earlier this year with the SU7, an entry model that mirrors the Porsche aesthetic with a starting price under $30,000.
CEO Lei Jun presented the SU7 Ultra, a performance-focused model, at a three-hour, live-streamed product launch. The SU7 Ultra, aimed at challenging Tesla’s Model S Plaid, features specifications geared toward the performance-conscious EV buyer. “This is the world’s fastest four-door mass-produced car currently available,” Lei said. “When people ask why we created such a powerful machine, my answer is simple: we’re building a dream car.”
During the presentation, Lei detailed a comparison chart illustrating the SU7 Ultra’s acceleration and top speed advantages over Porsche’s Taycan Turbo. The new model boasts a driving range of 630 kilometers per charge, just shy of the Model S Plaid’s range of 672 kilometers.
By aligning the SU7 Ultra’s price with Tesla’s high-performance sedan, Xiaomi has shifted from a value-driven approach to competing on power and speed, an approach typical in high-performance segments.
The SU7 Ultra’s features include carbon-fiber components, ceramic brakes, and aerodynamic styling designed for both speed and durability. Lei announced the vehicle had achieved a record-setting lap at Germany’s Nurburgring, a circuit regarded by automakers as a benchmark for performance vehicles.
Pre-orders opened immediately following Tuesday’s event, garnering over 3,600 orders in the first ten minutes. The company expects initial deliveries of the SU7 Ultra by March and aims to deliver 120,000 SU7 models by year-end. Xiaomi’s monthly EV sales have exceeded 10,000 units since June, with a peak of over 20,000 units in October.
