TMTPOST -- Xiaomi has slashed the price of its luxury electric sedan, the SU7 Ultra, by over 35%, now pricing it at 529,900 yuan ($72,931), challenging competitors like Tesla and Porsche in the world's largest auto market. The Chinese electronics giant had initially set the price for the SU7 Ultra at 814,900 yuan when pre-orders began in late October. However, CEO Lei Jun announced at the car’s official launch in Beijing on Thursday that the price would be cut by a third to attract more buyers. Lei explained that potential customers from the BMW 5 Series, Audi A6, and Mercedes-Benz E-Class segments had shown interest in the SU7 Ultra but felt the original price was too high, as their current cars were priced between 500,000 and 600,000 yuan. “Our goal is to make luxury cars more affordable for those who like our brand. After three to four months of discussions, we’ve settled on the price of 529,900 yuan,” said Lei. Following the announcement, Xiaomi reported receiving 6,900 orders within just 10 minutes of the price change. Xiaomi entered the competitive Chinese EV market last year with its highly successful SU7, a Porsche-like model priced under $30,000. In the fourth quarter of 2024, the SU7 outsold Tesla’s Model 3, a trend that is expected to continue into 2025. The SU7 Ultra was originally priced to compete with Tesla's Model S Plaid, which retails for 814,900 yuan ($114,200) in China, with Xiaomi claiming the car outperforms the Porsche Taycan Turbo in terms of acceleration and top speed. The SU7 Ultra features more premium materials for both the exterior and interior, including upgraded seats and audio systems compared to the standard SU7 models. However, a limited-edition version of the luxury EV, with yet-to-be-released specifications, is still priced at the original 814,900 yuan.