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Xiaomi Launches SU7 Ultra: A Production-Ready EV with Premium Features and Pricing

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Xiaomi Officially Launches High-Performance SU7 Ultra EV

Xiaomi has officially begun selling the production-ready SU7 Ultra, the company announced at Mobile World Congress (MWC) 2025 in Barcelona on March 2. Originally introduced as a prototype in July, the SU7 Ultra is a high-performance variant of Xiaomi’s SU7 electric vehicle (EV), which has been available in China since last year. Equipped with triple electric motors, the vehicle boasts a blistering 0-100 kmph acceleration time of just 1.98 seconds, positioning it as one of the fastest EVs in its segment.

The Xiaomi SU7 Ultra is priced at CNY 5,29,900 (approximately Rs. 64 lakh) in China, making it a premium offering in the EV market. The company has introduced multiple optional configurations, including the “Racing Package” and the “Nürburgring Nordschleife Limited Edition,” which will be available after the model successfully completes a Nürburgring lap challenge. Xiaomi’s approach reflects its commitment to performance-oriented EV innovation, appealing to automotive enthusiasts seeking cutting-edge technology.

Buyers can choose from five exterior color options: Lightning Yellow, Space Silver, Verdant Green, Pearl White, and Obsidian Black. Xiaomi initially opened pre-orders for the SU7 Ultra in October last year, and now the EV is officially available for purchase in China. The model’s launch aligns with Xiaomi’s broader strategy to establish itself as a key player in the high-performance EV segment, competing with established brands in both the domestic and global markets.

With the SU7 Ultra, Xiaomi is not only expanding its footprint in the EV industry but also pushing the boundaries of what performance-oriented electric vehicles can achieve. As the company continues its foray into the automotive space, the success of the SU7 Ultra could pave the way for further innovations and global expansion in Xiaomi’s EV lineup.

Tesla Plans Lower-Cost Model Y to Defend Market Share in China

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Tesla is set to introduce a lower-cost version of its best-selling Model Y in Shanghai, aiming to recover market share lost during a price war in its second-largest market, according to sources familiar with the plan. The new model, developed under the project codename “E41”, will utilize existing production lines at Tesla’s largest factory by output, with mass production set to begin in 2026.

The upcoming Model Y will be smaller and is expected to cost at least 20% less to produce than the refreshed Model Y launched late last year, which is currently priced starting from 263,500 yuan (~$36,351). This price reduction is part of Tesla’s strategy to defend its market position, particularly in China, where competition from domestic electric vehicle (EV) manufacturers has intensified.

While primarily aimed at the Chinese market, the new model is also planned for production in Europe and North America, though timelines for these markets are not yet specified. Tesla has not commented on the project.

The decision to develop a more affordable Model Y aligns with Elon Musk‘s earlier statement that Tesla would introduce lower-cost models in the first half of 2025, though further details on the exact cost reductions, pricing, and specifications were not disclosed at the time.

In 2023, the Model Y was China’s best-selling car, but its market share has since slipped, now standing at 10.4%, down from 11.7% in the previous year. Tesla faces increased competition from local companies, with models like the YU7 crossover from Xiaomi becoming strong rivals. The YU7 has already outsold Tesla’s Model 3 on a monthly basis since December.

As Tesla contends with rising competition in China, it has focused on introducing various versions of existing models rather than unveiling entirely new products, aside from the Cybercab robotaxi slated for 2026. A six-seat version of the Model Y is also expected to launch in China later this year.

US-Blacklisted Zhipu AI Secures Fresh Funding from Chinese State Firm

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Zhipu AI, a Chinese AI startup, has secured 500 million yuan ($69.04 million) in funding from Huafa Group, a state-owned conglomerate based in Zhuhai, Guangdong province. This follows the company’s earlier announcement in January of a separate 1 billion yuan capital raise. Huafa Group’s investment comes amid competition between Chinese cities to back promising AI startups, as Beijing views this sector as vital to its technological rivalry with the United States, according to Zhuhai Special Economic Zone Daily.

Earlier this month, Hangzhou City Investment Group Industrial Fund, a state-backed entity from Hangzhou, also participated in a major funding round for DeepSeek, a competitor of Zhipu AI, securing 1 billion yuan. This aligns with China’s push to strengthen its AI capabilities, as DeepSeek‘s large language models have gained attention for allegedly matching the performance of Western counterparts at lower development costs.

Founded in 2019, Zhipu AI is widely recognized as one of China’s “AI tigers”. The startup has drawn investments from prominent tech giants such as Tencent, Meituan, and Xiaomi, across over 15 funding rounds, according to business registration platform Qichacha. In July 2024, Zhipu AI was valued at 20 billion yuan.

The latest funds will be directed toward advancing the development of its GLM foundation model and furthering the company’s technological innovation and ecosystem expansion. However, this investment comes after Zhipu AI and its subsidiaries were added to the U.S. Commerce Department’s export control entity list in January, which prevents the company from procuring U.S.-made components.