Xiaomi unveiled a luxury version of its SU7 electric sports car on Tuesday, saying the $114,000 model would rank as the fastest four-door car in production in a direct challenge to the likes of Tesla and Porsche.

Xiaomi, still better known for smartphones and home appliances than cars, entered China’s crowded EV market in March with the launch of its hit SU7, a Porsche lookalike starting at less than $30,000.

Xiaomi CEO Lei Jun, who has a near-celebrity following in China, used the last section of a live-streamed product update that ran over three hours to show off the SU7 Ultra.

He also announced pricing that put the new EV on a par with the Tesla Model S Plaid and signaled an intent to compete on performance rather than cost with more established car makers.

“This is the world’s fastest four-door mass-produced car currently available,” Lei said, adding: “When people ask why we created such a powerful machine, my answer is simple, we’re building a dream car.”

A comparison chart displayed during Lei’s presentation showed the SU7 Ultra outperforming the Porsche Taycan Turbo in acceleration and top speed specifications.

Lei also said the new car would also be faster than the Model S Plaid, although the Tesla would still have a better driving range of 672 km on a charge versus 630 km.

By pricing the SU7 Ultra in line with the Model S Plaid in China at 814,900 yuan ($114,200), Xiaomi also broke with its earlier strategy of pitching to EV shoppers on value.