Company is 90 per cent certain it will sell 10,000 units of the high-end car each year, founder and CEO Lei Jun says.

Lei Jun set out to build the ‘Apple of China.’ Xiaomi’s car business is now outpacing Tesla and Rivian.

Xiaomi founder Lei Jun introduces the SU7 Ultra during a launch event held in Beijing, China, Thursday, Feb. 27, 2025. (AP Photo/Ng Han Guan)

At Beijing’s Haidian District Economic and Social High-Quality Development Conference yesterday, Xiaomi CEO Lei Jun highlighted the critical role of both

Ren Zhengfei from Huawei, Lei Jun from Xiaomi and Wang Xinxing from Unitree all gave speeches at the high-profile meeting.

XIAOMI-W (01810.HK) once soared to $58.7 yesterday (27th), setting a new listing high. Chinese media estimated that Lei Jun's total wealth will reach RMB440 billion, surpassing Zhong Shanshan, Founder of NONGFU SPRING (09633.

Xiaomi, the Chinese smartphone maker that has made a successful charge into electric vehicles (EVs), entered the luxury segment of that market on Thursday with the official launch of the SU7 Ultra, its most premium model so far.

Some of China's prominent business leaders, including the heads of carmakers BYD and Xiaomi , said they would resist external pressure and keep innovating, following a rare meeting between President Xi Jinping and the private sector.

Huawei’s Ren Zhengfei, BYD’s Wang Chuanfu, and Xiaomi’s Lei Jun were among the leading tech executives who met with Xi Jinping on Monday.

Xiaomi cut the price of its luxury electric sedan SU7 Ultra by 35% to 529,900 yuan ($72,932) from 814,900 yuan ($111,842).

China's Xiaomi on Thursday slashed its initial sticker price for its luxury electric sedan SU7 Ultra by over a third to 529,900 yuan ($72,931.72), mounting a bigger challenge to the likes of Tesla and Porsche in the world's largest auto market.

China's leading technology entrepreneurs, including Huawei Technologies founder Ren Zhengfei and Xiaomi founder Lei Jun, voiced their confidence in the country's development prospects at a ...