Chinese electric vehicle company Xiaomi Auto released on Thursday its SU7 Ultra all-electric sedan at a 37% lower price than previously expected, Kallanish reports.

In an event streamed live from Beijing, company founder Lei Jun announced the price now starts at CNY 529,900 ($72,988), down from the CNY 814,900 pre-ordering price. The pre-ordering of the SU7 Ultra started on 29 October 2024. 

The new BEV uses a “track-grade, high-power” battery pack with 93.7 kilowatt-hours of capacity and a 5.2C charging rate. Featuring three electric motors, it can reach a top speed of 359 km/hour, with 0-100 km/h acceleration in 1.98 seconds.

Lei claims the SU7 Ultra is the fastest four-door mass-produced car in the world with a 1,548-ps horsepower. While showing confidence in the performance of future sales, despite the crowded EV market in China, the executive also announced several add-on items for orders made before 31 March. These extras are worth CNY 90,000, he says.

Xiaomi has also recently released its HAD intelligent driving system, which is featured on the SU7 Ultra. The company says the system is compatible with multiple scenarios, including highways, urban fast lanes, complex urban roads, and parking lots. The software is being released gradually.

The technology also introduces “user driving data training, and can achieve humanised trajectory planning and efficient passage even in a map-free environment,” says Lei.

“Different from the previous highway/city intelligent driving functions, this end-to-end full-scenario intelligent driving function faces a more complex driving environment,” Xiaomi Auto states. “Therefore, based on safety considerations, we have also set a threshold of 1,000 kilometres of intelligent driving safety mileage, hoping to help new intelligent driving drivers become familiar with the function and better cope with complex road conditions.”

The executive noted that Tesla’s new driving assistance package in China comes at a cost of over CNY 60,000, while Xiaomi’s HAD retails for CNY 26,000.

The company says deliveries of the SU7 Ultra will start as soon as possible.