Xiaomi’s SU7 Ultra Set To Steal More Porsche Customers In China, The World’s Largest Auto Market

Xiaomi’s SU7 Ultra premium sedan set to steal ore Porsche customers in the world’s largest auto market, China.

All-new flagship SU7 Ultra is the high-end version of the company’s SU7, which went on sale in May 2024.

Since the regular Xiaomi SU7 went on sale last May, Porsche deliveries in China were down nearly 30 percent.

Last Thursday, Chinese electronics manufacturer-turned automaker, Xiaomi, released the all-new flagship SU7 Ultra, which is the high-end version of the company’s SU7, which went on sale in May 2024.

At a starting price of just RMB 529,900 yuan ($72,931.72), the SU7 Ultra was priced lower than pre-sale price of RMB814,900 ($112,00) announced when Xiaomi first revealed the new flagship car at the end of October.

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At the launch event on Thursday, Xiaomi’s CEO, Lei Jun, said the company’s goal is for the SU7 Ultra to rival the performance of a Porsche, the tech of a Tesla, and the luxury of German luxury brands like Mercedes, BMW, and Audi.

“Our mission is that we should let more people who like us afford luxury cars. Then after discussions for three to four months, we’ve decided on the price of 529,900 yuan,” CEO Lei Jun said on why it was now cutting that price by 35%.

Since the regular SU7 went on sale last May, Porsche deliveries in the world’s largest auto market, China, were down nearly 30 percent. In its first nine months, the regular SU7 saw 248,000 orders.

While the SU7 took a fraction of the sales of China’s top EV makers, it puts Xiaomi among the Chinese companies that are dealing a major blow to foreign automakers’ long command over China’s market for premium cars.

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