The Chinese EV loved by Ford's CEO just got a lot faster

• Ford CEO Jim Farley is a big fan of Xiaomi's SU7 EV — and it just got a major upgrade.
• The Chinese tech giant unveiled the SU7 Ultra, a high-performance electric car with a max speed of 350km per hour.
• The SU7 has already proven a hit in China.

Ford CEO Jim Farley's favorite Chinese EV just got a major upgrade.

Chinese tech firm Xiaomi has unveiled a high-performance version of its SU7, the electric sedan that so impressed Farley he recently said he didn't want to give it up after driving it for the past six months.

The company said its new SU7 Ultra has a maximum speed of 350km per hour, compared to the base version's 265km per hour, and can accelerate from 0 to 100km per hour in under two seconds.

It will be pricey, however, with Xiaomi selling the Ultra for 814,900 yuan ($114,000) in China, nearly four times the regular SU7's 215,900 yuan ($30,200) starting price.

The SU7 Ultra, which Xiaomi says has a range of 630km and can charge from 10% to 80% in 11 minutes, will be released in China in March 2025.

The EV racked up 3,680 orders within 10 minutes of going on presale on Tuesday, CEO Lei Jun said on the social media site Weibo.

The Ultra marks Xiaomi's first foray into high-end luxury vehicles after the smartphone and electronics maker pivoted into electric cars with the SU7.

The SU7 is packed with high-tech features. It is integrated with other Xiaomi products, and drivers can remotely voice-control household appliances from the vehicle.

Since being released in March, it's proven a hit with more than 75,000 SU7s now delivered. The total is expected to reach 100,000 vehicles by November.

Speaking on a podcast last week, Ford CEO Farley praised Xiaomi as an "industry juggernaut" and said he was a big fan of the SU7.

"I don't like talking about the competition so much, but I drive the Xiaomi. We flew one from Shanghai to Chicago, and I've been driving it for six months now, and I don't want to give it up," he said.

Western automakers such as Ford are under pressure from Chinese electric car makers, which are expanding rapidly worldwide.

With significant government support, BYD and Xiaomi have quickly become industry heavyweights. This is thanks to their ability to make and sell EVs for far less than their Western rivals.

Some auto executives have been sounding the alarm, with Farley reportedly telling a Ford board member China's auto industry posed an "existential threat" after visiting the country in May.

Tesla CEO Elon Musk, meanwhile, has previously warned that Chinese automakers will "demolish" their global rivals without governments imposing trade protections, although he has subsequently criticized tariffs targeting Chinese automakers.

Xiaomi's rapid EV growth has come at a cost, with the company's electric vehicle division posting an adjusted loss of $252 million in the second quarter.

Citibank analysts previously estimated that they expected Xiaomi's auto operation to turn a profit after hitting annual sales of 300,000 to 400,000 vehicles.