China's Xiaomi has launched the Xiaomi SU7 Ultra, an electric sedan, and its flagship smartphone Xiaomi 15 Ultra, the most luxurious Xiaomi products ever, priced below market expectations.

The two Ultra products are the most sophisticated items that Xiaomi has released since its establishment 15 years ago, according to Lei Jun, founder and chairman.

Orders for the electric vehicle exceeded 10,000 within two hours of going on sale last night, the Beijing-based firm announced this morning. However, buyers can still back out due to Xiaomi Auto's 168-hour deposit refund policy. The standard version costs CNY529,900 (USD72,723), a reduction of 35 percent from the pre-sales price revealed in October.

The Xiaomi SU7 Ultra boasts a maximum horsepower of 1,548PS and is designed to achieve a top speed of 350 kilometers per hour, with the goal of becoming the fastest mass-produced four-door car in the world. It broke a speed record held by the Porsche Taycan Turbo GT at a race track in Shanghai with a lap time of 2 minutes 9.944 seconds.

Lei previously said that due to rising research and development and component costs, Xiaomi would need to increase the price of the Xiaomi 15 Ultra for profits. However, Lu Weibing, president of Xiaomi's mobile phone division, announced yesterday that the starting price of the handset would be set at CNY6,499 (USD891), lower than expected to gain buyers' favor.

The Xiaomi 15 Ultra is equipped with the Snapdragon 8 Elite chipset, offers a maximum of 16GB of random access memory, features a 200-megapixel periscope telephoto camera for better zooming, and supports direct satellite data communication, enabling off-grid calls.

Shares of Xiaomi [HKG: 1810] were 0.1 percent down at HKD52.55 (USD6.80) as of lunchtime in Hong Kong today after reaching a historic high of HKD58.70 yesterday.