Xiaomi, the Chinese tech giant, expanded its electric vehicle (EV) lineup with the launch of the SU7 Ultra, a luxury sports car priced at 814,900 RMB ($114,000) that some consumers say resembles a Ferrari. Founder Lei Jun praised the vehicle, which attracted over 3,600 pre-orders within 10 minutes of launch. This marks Xiaomi’s second car release since entering the EV market in March, where its debut models have achieved strong sales, with 75,688 units delivered to date, putting it in competition with established players like Tesla and BYD. Despite ongoing investment resulting in a 1.8 billion RMB ($250 million) net loss in Q2, Xiaomi’s EV revenue reached 6.4 billion RMB ($880 million). Concurrently, Xiaomi introduced the Xiaomi 15 smartphone series, featuring advanced AI capabilities via its HyperAI system, designed to compete with Apple’s AI offerings. Powered by Qualcomm’s latest chipset, Xiaomi aims to leverage its growing market share, which surpassed 15% domestically in the third quarter.