The car was announced in December 2023 and officially released on 28 March 2024 in Beijing, the day Xiaomi began taking orders.

The infotainment system is powered by a Qualcomm Snapdragon 8295 system-on-chip (SoC) and based on the Xiaomi HyperOS (小米澎湃OS) software.

[13] The SU7 uses many international suppliers for its parts, including Bosch, Brembo, Continental, ThyssenKrupp, ZF Friedrichshafen, Benteler, Schaeffler Group and Nexteer Automotive,[17][18][19] and supports Apple's Car Play to interact with the iPad.

[20] The base, rear-wheel drive SU7 uses a FinDreams Battery-supplied 73.6 kWh LFP blade battery operating at 400 V. It has a single permanent magnet synchronous motor with a power rating of 220 kW (299 PS; 295 hp) and 400 N⋅m (295 lb⋅ft) of torque.

[27] The interior receives a modified design, with some Alcantara and carbon fibre surfaces, a somewhat square-shaped sports steering wheel, and racing-style seats with additional bolstering.

[27] The Ultra features a mostly Xiaomi self-developed powertrain, including the debuting HyperEngine V8s motor, electric power electronics, and thermal management system.

[28] The pack is assembled using a cell-to-body design, which achieves 77.8% volumetric utilization and allows for a 17-millimetre (0.67 in) decrease in cabin floor height.

[27][30][31] The SU7 Ultra hit a top speed of 359.71 km/h (224 mph) at the CATARC Yan Cheng Automotive Proving Grounds, which CEO Lei Jun claimed was limited by the test facility.

During the event, Xiaomi revealed details on the new HyperEngine V8s motor and CATL co-developed battery which would be used in the eventual production version.

The prototype has the same powertrain as the production version, but is fitted with a fully carbon fiber body and lacks a finished interior, resulting in a weight of slightly under 1,900 kilograms (4,200 lb).

At the event, Xiaomi said it intended to set a new record in the four-door electric sedan category at the Nürburgring Nordschleife, which was held by the Porsche Taycan Turbo GT at the time.

In addition, the motors are able to apply 0.6G of reverse torque, for a total of 2.36G of deceleration and a 100–0 km/h (62–0 mph) stopping distance of 25 metres (82 ft).

[30] On 24 October 2024, a prototype version of the SU7 Ultra achieved the official lap record for a four-door car on the Nürburgring Nordschleife at 6:46.874, driven by racing driver David Pittard.