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.
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