(Yicai) Feb. 27 -- Xiaomi’s shares briefly hit a record high ahead of the Chinese tech giant launching the premium version of its SU7 electric vehicle and a new smartphone this evening.

After gaining by as much as 4.3 percent to HKD58.70 (USD7.55) earlier today, taking Xiaomi’s market capitalization to HKD1.5 trillion (USD192.9 billion), the shares [HKG: 1810] closed 5.7 percent lower at HKD53.10 each amid profit-taking. The stock is still up 54 percent so far this year.

Xiaomi unveiled the SU7 Ultra EV and the Xiaomi 15 Ultra smartphone at a press conference that started at 7 p.m. local time. "These will be the two highest-end products since Xiaomi's founding nearly 15 years ago," Chairman and Chief Executive Lei Jun said in a social media post on Feb. 24.

Pre-sales of the SU7 Ultra began on Oct. 29. It is priced at CNY814,900 (USD112,120), almost four times the starting price of the standard version. The Ultra is equipped with a three-motor system, allowing the vehicle to hit a top speed of 350 kilometers per hour. It also features various smart driving capabilities, Xiaomi said previously.

The car set the fastest lap time for a mass-produced EV at the Shanghai International Circuit earlier this month, dethroning the Porsche Taycan Turbo GT.

Xiaomi targets 10,000 sales of the SU7 Ultra for this year, and is "90 percent confident" in achieving this goal, Lei said on Weibo yesterday.

The Beijing-based company entered the auto industry in 2021, and launched its first model, the SU7, last March. Sales have been strong, and as of this month, a total of more than 160,000 have been handed to buyers. Its first sport utility vehicle, the YU7, is expected to be launched in the middle of this year.

Editor: Tom Litting