China's Xiaomi on Thursday slashed its initial sticker price for its luxury electric sedan SU7 Ultra by over a third to 529,900 yuan ($72,931.72), mounting a bigger challenge to the likes of Tesla and Porsche in the world's largest auto market.

Mainland China and Hong Kong stocks ended a choppy week lower after a strong performance run since the start of the year.

A government subsidy scheme for electronics purchases has boosted sales in the world’s largest smartphone market.

Xiaomi founder Lei Jun introduces the SU7 Ultra during a launch event held in Beijing, China, Thursday, Feb. 27, 2025. (AP Photo/Ng Han Guan)

Xiaomi Corp (HK:1810) briefly soared to an all-time high of HK$58.70 in Hong Kong trading on Thursday before reversing sharply, dropping 8.4% to HK$51.60. The decline came amid heavy profit-taking and a broader

Xiaomi is launching its 212W HyperCharge Power Bank 25000 globally, following its Chinese crowdfunding success. The power bank is currently available in Japan and Hong Kong, with wider distribution planned.

Prior to the international launch of the Xiaomi 15 Ultra, the Chinese version was announced. It is a stunning phone.The Latest Tech News, Delivered to Your Inbox

Company is 90 per cent certain it will sell 10,000 units of the high-end car each year, founder and CEO Lei Jun says.

Xiaomi has officially announced its “Ultra” launch event scheduled for Feb. 27 at 7pm (local time), where two of its most premium products will be unveiled—the Xiaomi 15 Ultra smartphone and the Xiaomi SU7 Ultra electric car.

Xiaomi launched its first premium EV in China called the SU7 Ultra, which starts at 529,000 Chinese yuan ($72,627).

China’s Xiaomi said on Tuesday it will work with insurance institutions to launch a smart driving protection service with a maximum liability of 3 million yuan ($413,439.54).