Xiaomi founder and CEO Lei Jun unveils Xiaomi's new EV sedan SU7 Ultra during an event in Beijing, China October 29, 2024. REUTERS

Chinese electric vehicle maker Xiaomi 1810.HK on Thursday priced its luxury electric sedan, the SU7 Ultra, from 529,900 yuan ($72,931.72).

The final price of the car, announced by founder Lei Jun at an event streamed live from Beijing, is 35% lower than the initial sticker price of 814,900 yuan for pre-orders when the car made its debut at the end of October.

A limited-edition of the luxury EV, whose specifications are yet to be disclosed, still sells for 814,900 yuan.

Buyers placing orders for the SU7 Ultra before the end of March are entitled to perks including lifelong free access to Xiaomi HAD end-to-end intelligent driving system that retails for 26,000 yuan, said Lei.

He made reference to Tesla's TSLA.O update to its autopilot software in China, which "has gone viral over the past two days, but still needs (users) to pay more than 60,000 yuan."

Xiaomi will start delivery to users as soon as possible after the official launch, the company said.

($1 = 7.2657 Chinese yuan renminbi)