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.

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.

The company’s new flagship just launched in China with a 200-megapixel periscope camera.

Xiaomi Corp on Thursday unveiled the official pricing for its high-performance electric car, the SU7 Ultra, starting at 529,900 yuan ($73,000), after the Chinese technology company made a splash in the crowded car market last year.

Xiaomi’s first electric vehicle, the SU7, took the market by storm, securing nearly 250,000 orders in just nine months.

Chinese electric vehicle maker Xiaomi on Thursday priced its luxury electric sedan, the SU7 Ultra, at 529,900 yuan ($72,931.72).

Huawei Technologies took the crown in China's smartphone market in January, buoyed by a government subsidy scheme for electronics purchases, according to the latest numbers from industry consultancy Counterpoint Research.

Xiaomi SU7 Ultra launched in China featuring a tri-motor AWD system, 1.98s 0-100 km/h, 620 km CLTC range, Xiaomi Pilot, and a high-tech luxury interior.

We are only a few days away from the reveal of the Xiaomi 15 Ultra – but these camera specs and sample images already have me itching to get my hands on it

Xiaomi has introduced the Smart Speaker Pro, an AI-powered speaker with the Super Xiao AI voice assistant, priced at 299 yuan ($41). It debuted alongside the Xiaomi Buds 5 Pro at the Xiaomi 15 Ultra and SU7 Ultra launch event.

This story was updated on February 17th with details of the Xiaomi 15 launch. According to a new report, Google is extending its free cloud storage and Gemini Advanced offer to Xiaomi phones. Android Authority found code in the Google app (version16.