Xiaomi (HKG:1810) slashed its luxury electric sedan SU7 Ultra's price to 529,900 yuan, down 35% from its initial price of 814,900 yuan, Reuters reported Thursday.
Chief Executive Lei Jun said the SU7 Ultra targets drivers of BMW 5 series, Audi A6, and Mercedes-Benz E-class cars, according to the report.
Following the car's official launch in Beijing on Thursday, Lei said Xiaomi received 6,900 orders within 10 minutes, Reuters wrote.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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