Xiaomi on Tuesday unveiled a luxury version of its SU7 electric sports car, saying the $114,000 model will rank as the fastest four-door car in production, in a direct challenge to models from Tesla and from Porsche.
Xiaomi, better known for smartphones and home appliances than cars, entered China’s crowded electric vehicle market in March with the launch of the SU7, a Porsche-like model that costs less than $30,000.
Xiaomi Chief Executive Lei Jun, who is something of a celebrity in China, used the last part of a three-hour live-streamed new product announcement to show off the SU7 Ultra.
The executive also announced prices that put the new model on the same level as the Tesla Model S Plaid and signaled his intention to compete on performance, not cost, with more established automakers.
“This is the fastest mass-produced four-door car in the world today,” said Lei, adding: “When people ask why we created such a powerful machine, my answer is simple: we are building a dream car.”
A comparison chart displayed during Lei’s presentation showed that the SU7 Ultra outperforms the Porsche Taycan Turbo in acceleration and top speed specifications.
Lei also said that the new car is also faster than the Model S Plaid, although the Tesla still has a better range of 672 kilometers compared to the Xiaomi’s 630 kilometers.
By pricing the SU7 Ultra in line with the Model S Plaid in China, at 814,900 yuan ($114,200), Xiaomi also broke with its previous strategy of presenting itself to buyers based on value.
Record on the track
Xiaomi said the production version of the SU7 Ultra will feature carbon fiber components including the roof, high-performance ceramic brakes and aerodynamic styling. The company revealed a prototype in July.
Before Tuesday’s event, Lei said the SU7 Ultra prototype had set a lap time record on Germany’s grueling Nurburgring track.
The 20.8-kilometer Nurburgring track is considered by automotive engineers to be a benchmark for vehicle acceleration.
Xiaomi said it intends to deliver 120,000 units of the SU7 by the end of the year. Xiaomi said the first SU7 Ultras will ship to customers in March. The company began taking orders this Tuesday and said it received more than 3,600 orders in the 10 minutes after the car was shown.
Xiaomi’s electric vehicle sales in China have exceeded 10,000 units per month since June and reached more than 20,000 this month.
Xiaomi also launched a smartphone at the event, the Xiaomi 15, with prices starting at 4,499 yuan ($630).
