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.

China's technology stocks rallied Tuesday. E-commerce firm Alibaba and smartphone maker Xiaomi both saw their stock price surge over 4%, while video games firm Tencent and online services company Meituan also gained.

Some of China's prominent business leaders, including the heads of carmakers BYD and Xiaomi , said they would resist external pressure and keep innovating, following a rare meeting between President Xi Jinping and the private sector.

A government subsidy scheme for electronics purchases has boosted sales in the world’s largest smartphone market.

Xiaomi founder Lei Jun introduces the SU7 Ultra during a launch event held in Beijing, China, Thursday, Feb. 27, 2025. (AP Photo/Ng Han Guan)

Chinese technology stocks advanced sharply on Friday, with Alibaba Group Holding Ltd. jumping 11.41% in Hong Kong trading, as investors responded to positive earnings guidance and anticipated monetary policy easing from Beijing.

Xiaomi has announced its 15 Ultra flagship phone at a launch event in China, where it’s going on sale starting at 6,499 yuan (around $893). The Android phone joins the company’s Xiaomi 15 and 15 Pro,

They think Porsche’s cars are too expensive and are missing desirable tech gadgets and features. Porsche sales tanked 28 percent in China in 2024 and Taycan deliveries almost halved in the year. Chinese smartphone giant turned automaker Xiaomi proudly announced last week that its SU7 Ultra sedan has lapped the Shanghai International Circuit almost 1.

Stocks are drifting lower although still near a record high as a holiday-shortened week gets off to a sluggish start. The S&P 500 edged 0.1% lower in Tuesday afternoon trading and is just below its all-time closing high set last month.

Early European trading was mostly down, with France’s CAC 40 down 0.18%, while Germany’s DAX dipped 0.26%. Britain’s FTSE 100 remained mostly unchanged. Hong Kong's Hang Seng rose 1.59% to 22,976.81,

Wall Street is flirting with a record again as U.S. stock indexes creep higher on Tuesday. The S&P 500 was up 0.1% in early trading and just above its all-time closing high set last month. The Dow Jones Industrial Average was down 59 points,