Spring is approaching and the weather in Stuttgart should be getting milder. But today the temperature in the Porsche HQ must have dropped about 10 degrees when Xiaomi revealed it is pricing its SU7 Ultra sedan more than 35 percent lower than previously suggested.
At the initial launch of the range-topping Ultra last October, Xiaomi said the EV would cost ¥814,900 ($112,000), matching the current price of the similarly-sized Tesla Model S Plaid. That was already bad news for Porsche, whose rivaling Taycan Turbo GT is ¥1,998,000 / $274,871.
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