Xiaomi unveils US$114,000 Ferrari lookalike in luxury car venture

The SU7 Ultra has drawn both scepticism and admiration from consumers in the world’s largest EV market

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Xiaomi unveils its latest EV, SU7 Ultra, at an event in Beijing on Tuesday. Photo: Reuters

Xinmei Shenin Hong KongandChe Panin Beijing

Published: 7:00pm, 30 Oct 2024

Xiaomi, the Chinese smartphone brand that has ventured into electric-vehicle (EV) making, has introduced a US$114,000 luxury sports car that consumers found to resemble a Ferrari, and which company founder Lei Jun praised as “amazing”.

The SU7 Ultra, launched on Tuesday and selling for 814,900 yuan, is Xiaomi’s second car release after it jumped into China’s crowded EV market in March with its debut models, the SU7, SU7 Pro and SU7 Max, marking one of the most widely-watched business reorientations by a Chinese tech company.

Since March, Xiaomi has delivered 75,688 SU7 sedans, with monthly deliveries topping 20,000 units for the first time in October, according to the company. Those numbers put the newcomer on a par with established players such as Tesla and BYD.

Xiaomi’s EV business generated 6.4 billion yuan in revenue in the second quarter, although it sustained a net loss of 1.8 billion yuan due to ongoing investment, the company’s financial report showed.

Lei Jun, founder and CEO of Xiaomi, speaks on stage during the launch of the SU7 Ultra. Photo: AFP

Xiaomi’s shares inched up less than 0.6 per cent to HK$26 at market close Wednesday, after the Beijing-based company said it received more than 3,600 pre-orders for the SU7 Ultra in the first 10 minutes after registration began late on Tuesday.