China's Xiaomi on Thursday slashed its initial sticker price for its luxury electric sedan SU7 Ultra by over a third to 529,900 yuan ($72,931.72), mounting a bigger challenge to the likes of Tesla and Porsche in the world's largest auto market.

Chinese technology stocks advanced sharply on Friday, with Alibaba Group Holding Ltd. jumping 11.41% in Hong Kong trading, as investors responded to positive earnings guidance and anticipated monetary policy easing from Beijing.

They think Porsche’s cars are too expensive and are missing desirable tech gadgets and features. Porsche sales tanked 28 percent in China in 2024 and Taycan deliveries almost halved in the year. Chinese smartphone giant turned automaker Xiaomi proudly announced last week that its SU7 Ultra sedan has lapped the Shanghai International Circuit almost 1.

Mainland China and Hong Kong stocks ended a choppy week lower after a strong performance run since the start of the year.

Prior to the international launch of the Xiaomi 15 Ultra, the Chinese version was announced. It is a stunning phone.The Latest Tech News, Delivered to Your Inbox

Company is 90 per cent certain it will sell 10,000 units of the high-end car each year, founder and CEO Lei Jun says.

A government subsidy scheme for electronics purchases has boosted sales in the world’s largest smartphone market.

Xiaomi founder Lei Jun introduces the SU7 Ultra during a launch event held in Beijing, China, Thursday, Feb. 27, 2025. (AP Photo/Ng Han Guan)

Xiaomi has officially announced its “Ultra” launch event scheduled for Feb. 27 at 7pm (local time), where two of its most premium products will be unveiled—the Xiaomi 15 Ultra smartphone and the Xiaomi SU7 Ultra electric car.

The company’s first premium EV only just went on sale in China for 529,900 RMB (around $73,000). It can do 0 to 100km/h in less than two seconds, and boasts a carbon fiber-heavy design and a 24K gold “Mi” emblem on the front,

Xiaomi launched its first premium EV in China called the SU7 Ultra, which starts at 529,000 Chinese yuan ($72,627).

Just days after revealing the 15 Ultra in China, Xiaomi has announced a UK and European launch for its latest flagship phone, together with the base Xiaomi 15. There’s no sign of the Pro model, but there is an array of tablets,