Xiaomi stock rose 6% in Hong Kong after China's Xiaomi founder and CEO, Lei Jun, said the company will explore ways to ramp up auto production capacity.

Xiaomi SU7 Ultra, the ultra-performance variant of the company's first electric vehicle (EV) model SU7, will be launched on February 27, local automotive media Yiche said in a report.

Xiaomi's founder, chairman and CEO Lei Jun said that the Xiaomi SU7 Ultra would be officially launched at the end of February, earlier than the previously announced March, the report noted.

Lei unveiled the SU7 Ultra at a product launch event on October 29 last year and announced that the model was up for pre-sale at a price of RMB 814,900 ($111,900).

The official launch of the SU7 Ultra would be in March 2025, Lei said at the time.

However, in a video shared on his Red Note account, Lei said that the SU7 Ultra would be released at the end of February.

Xiaomi's sales target for the SU7 Ultra this year is 10,000 units, Lei said.

The SU7 Ultra garnered 3,680 pre-orders 10 minutes after pre-sales began on October 29 last year, Xiaomi's car-making arm Xiaomi EV announced on Weibo at the time.

The SU7 Ultra is priced at about four times the regular SU7's starting price of RMB 215,900.

The SU7, Xiaomi's first model, was launched on March 28, 2024, and delivered more than 135,000 units throughout last year.

Xiaomi is aiming to deliver 300,000 vehicles in 2025, Lei said in a December 31 live video stream.

The SU7 Ultra show cars reached Xiaomi EV's 112 stores in 42 cities.

The SU7 Ultra measures 5,070/5,115 mm in length, 1,970 mm in width and 1,465 mm in height and has a wheelbase of 3,000 mm, according to its regulatory filing.

The dimensions are larger than the regular SU7 sedan, which measures 4,997 mm, 1,963 mm, 1,455/1,440 mm in length, width and height, and has a wheelbase of 3,000 mm.

It is powered by three electric motors with peak power of 288 kW, 425 kW, and 425 kW respectively.