Xiaomi Corp. has unveiled its latest flagship smartphone, the Xiaomi 15 Ultra, priced at €1,499 ($1,560), marking a significant move into the premium market traditionally dominated by Apple Inc. The new handset features an advanced quad-camera system, incorporating some of Sony Group Corp.’s most expensive image sensors and Leica Camera AG optics.

Known for its budget-friendly devices, Xiaomi has been progressively climbing the value chain with a series of camera-centric flagship models. The 6.7-inch Xiaomi 15 Ultra was introduced at the Mobile World Congress in Barcelona, alongside a refreshed product lineup that includes a new smartwatch, electric scooter, and wireless earbuds.

Xiaomi, the world’s third-largest smartphone maker behind Samsung Electronics Co. and Apple, reported a 15% growth in phone shipments in 2024, a year when the top two competitors saw declines, according to IDC. The company’s Hong Kong-traded shares have surged over the past year, driven by the early success of its venture into electric vehicles.

The Xiaomi 15 Ultra now shares the “Ultra” branding and logo with Xiaomi’s electric vehicles. A version of the smartphone features a faux-leather back that matches the interior finishes of Xiaomi’s vehicles.