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.
Mainland China and Hong Kong stocks ended a choppy week lower after a strong performance run since the start of the year.
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.
Early European trading was mostly down, with France’s CAC 40 down 0.18%, while Germany’s DAX dipped 0.26%. Britain’s FTSE 100 remained mostly unchanged. Hong Kong's Hang Seng rose 1.59% to 22,976.81,
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.
A government subsidy scheme for electronics purchases has boosted sales in the world’s largest smartphone market.
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)
Chinese technology stocks advanced sharply on Friday, with Alibaba Group Holding Ltd. jumping 11.41% in Hong Kong trading, as investors responded to positive earnings guidance and anticipated monetary policy easing from Beijing.
China's technology stocks rallied Tuesday. E-commerce firm Alibaba and smartphone maker Xiaomi both saw their stock price surge over 4%, while video games firm Tencent and online services company Meituan also gained.
Xiaomi has announced its 15 Ultra flagship phone at a launch event in China, where it’s going on sale starting at 6,499 yuan (around $893). The Android phone joins the company’s Xiaomi 15 and 15 Pro,
Currently available only in China, the electric super sedan delivers a staggering 1,527 hp—all for a shockingly low starting price of 529,900 renminbi (approximately $72,800). The SU7 is the first car from Xiaomi,