Xiaomi SU7 Ultra sells 10,000 units in two hours, reaching annual sales target. To debut in Europe on March 3

Xiaomi SU7 Ultra was launched yesterday, and within two hours, it achieved its annual sales target of 10,000 units. 

SU7 Ultra price is 35% lower than presale price and deliveries will begin in April, with small batch already produced cars reaching early customers in March.

“Our mission is to make luxury cars affordable,” said Xiaomi’s CEO and founder Lei Jun on stage during the launch conference. 

“Traditional gasoline vehicles will definitely be defeated by this car,” Jun continued, praising the SU7 Ultra.

The performance sedan with over 1,500 horsepower started presales in October last year for 814,900 yuan (111,800 USD).

 The starting sales price announced at launch was 285,000 yuan (39,000 USD) lower at 529,900 yuan (72,800 USD).

 It is a usual strategy for China EV makers to undercut the presales price upon launch to create a halo, but none took it to such an extreme as Xiaomi.

(Xiaomi SU7 Ultra onstage with Lei Jun.)

(Xiaomi SU7 Ultra onstage with Lei Jun.)

The orders started on February 27 at 10 pm China time. Xiaomi received 6,900 orders for the SU7 Ultra within 10 minutes of the start, and the 10,000 milestone was surpassed in two hours. 

The customers need to deposit 20,000 yuan (2,700 USD), which is refundable within a week, after which the order will lock in.
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