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.

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’s first electric vehicle, the SU7, took the market by storm, securing nearly 250,000 orders in just nine months.

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,