Xiaomi Corp on Thursday (Feb. 27) unveiled the official pricing for its high-performance electric car, the SU7 Ultra, starting at 529,900 yuan (US$73,000), after the Chinese technology company made a splash in the crowded car market last year.

Lei Jun, chairman and CEO of Xiaomi, said the SU7 Ultra, which began pre-sales on Oct 29, was initially priced at 814,900 yuan, and that the company decided to significantly lower its price so more people can afford it.

And he said Xiaomi is confident about its burgeoning car business.

In the early hours of Feb. 28, Lei Jun said on Weibo, "2 hours after the opening of the sale, the sales break through 10,000 units, to reach a key goal, thank you all! Good night!"

At the Shanghai International Circuit, the highest level in China, Xiaomi SU7 Ultra set a new lap record for production cars with a time of 2 minutes 9 seconds 944 seconds, successfully surpassing the lap time of Porsche Taycan Turbo GT and becoming the fastest production car in the race.

After Xiaomi announced the result, Porsche was the first to send congratulations from Weibo, "Praise for manufacturing in China, and salute all the challengers and explorers with a dream."

"I read it many times. I know very well that there is still a big gap between us and Porsche, although we won once, but in our opinion, Porsche is still our role model, and we have to keep learning from Porsche." At the launch site, Lei Jun responded to Porsche's congratulations.

At the product launch event in Beijing, Lei also revealed that a quarter of its 30 billion yuan R&D investment plan will be allocated to artificial intelligence and related technologies.

During the next five years, Xiaomi expects to invest a total of 105 billion yuan in R&D, underscoring its commitment to innovation and technological advancement.

The Xiaomi 15 smartphone, which was launched last year, has also achieved significant success and Lei noted that it has driven substantial growth in sales and market share.

According to China Fund, on Feb. 27, Xiaomi Corporation's stock price rose more than 4% during the trading session, hitting a new record high, while its market capitalization on Feb. 26 exceeded the 1.4 trillion Hong Kong dollar mark, up nearly 6%. This strong performance also makes the company's founder Lei Jun's wealth rose, successfully surpassing the founder of Nongfu Spring Zhong Shanshan, becoming China's new richest man. But with Xiaomi's shares diving more than 6 percent, Lei Jun also fell from his throne as China's richest man, topping the charts in about an hour.

(Source: China Daily)

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