Chinese IT giant Xiaomi has taken the electromobility business very seriously. CEO Lei Jun revealed some important details about the brand’s future.
Lay noted that the development of the first car is progressing rapidly – perhaps even faster than the company originally planned. In any case, the model’s debut is still scheduled for 2024. In particular, it is expected that the presentation will take place within the next few months, and the advertising campaign will be launched towards the end of 2022.
The main challenge for the Chinese company is to show its electric car before Apple. Yabloko, however, are in no hurry: the appearance of their car is not expected until 2025. At the same time, as noted by CEO Jun, the development of the automotive department will not affect the mainstream of Xiaomi’s business: smartphones will remain the main source of income, as before.
And the plans are really very ambitious. For example, the brand intends to build a new plant capable of producing 300,000 vehicles per year. Over the next 10 years, the concern is going to invest about $ 10 billion in Xiaomi Auto, and by 2027 the annual circulation should already exceed the 1 million mark of electric vehicles. Lei Jun sees the main competitors for his brainchild as Geely, GAC, NIO and XPeng, which have long and firmly established themselves in the segment of “green” transport.
Recall that the location of the assembly site has already been determined: the company’s management decided to locate the production of electric vehicles in Beijing. Also, Xiaomi does not spare finances for the production of semiconductor microcircuits for the automotive industry. To do this, Lei Jun invested in a young company Yuntu Semiconductor, which was founded in 2020 with a registered capital of 6.2 million yuan ($ 973,500).