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.

Xiaomi cut the price of its luxury electric sedan SU7 Ultra by 35% to 529,900 yuan ($72,932) from 814,900 yuan ($111,842).

Xiaomi looks to “redefine premium cars for this generation” with a combination of performance features that compete with Porsche, technological functions similar to Tesla, and luxury comparable to German carmakers.

Chinese electric vehicle maker Xiaomi on Thursday priced its luxury electric sedan, the SU7 Ultra, at 529,900 yuan ($72,931.72).The final price of the car announced by founder Lei Jun at is much lower than the initial sticker price of 814,

Xiaomi Corp on Thursday unveiled the official pricing for its high-performance electric car, the SU7 Ultra, starting at 529,900 yuan ($73,000), after the Chinese technology company made a splash in the crowded car market last year.

Beijing North Star Group and XIAOMI-W (01810.HK) sealed a strategic cooperation framework agreement at the China National Conference Center, paving the way for collaboration in integrating exhibition technology and organizing commercial ecosystem events.

Electric vehicle makers including Tesla and Xiaomi have used OTA upgrades to fix software bugs. Such upgrades are called product recalls under China's regulation, but it's often unclear if drivers might need, or would be eligible, to return vehicles to the automakers for refunds.

Tesla has been a dominant force in China for years, but now, a new Chinese automaker is challenging the American manufacturer.

Chinese electric vehicle maker Xiaomi 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,