At the Xiaomi Investor Day held yesterday, Xiaomi CEO Lei Jun and other executives shared the company's business progress and talked about Xiaomi cars.
Lei Jun: Xiaomi will be among the top five automakers in the world in 15-20 years
Lei Jun said during the meeting: "We strive to enter the top five in the world in 15-20 years." Xiaomi's 100% ownership of Xiaomi cars lies in the reuse of Xiaomi's resources. Over the past 3 years, the 10.000 offline stores set up by Xiaomi in China will come in very handy for the marketing of Xiaomi cars. Xiaomi has business in many countries around the world and will also be a large marketing network.
As for the profitability of Xiaomi cars, Lei Jun said that (Xiaomi cars) will be similar to Xiaomi's smartphones, in addition to hardware profits, there will also be a lot of focus on software profits. In the past, cars could integrate sales, after-sales assistance and charging batteries. In the future, cars will be able to integrate more and more services.
Lei Jun also said that 1/4 of his time is spent on mobile phones, IoT and high-end, 1/2 on cars and 1/4 on other things. As for whether the mass production of cars in 2024 is too late, Lei Jun believes that the new automotive forces are 6-7 years ahead of Xiaomi, but it is never too late. “Our capabilities lie in the operation and maintenance of electronics and user experience. Current EVs are lacking in these respects, so I think it's only right for us to launch the car in 2024."
Lei Jun had previously revealed in his August 2022 annual speech that Xiaomi's autonomous driving needs to be fully self-developed. For this, it has formed a team of 500 people and planned to expand to 600 people by the end of 2022. The goal is to enter the autonomous driving sector in 2024. It was also discovered through Xiaomi's financial report that the company has invested 829 million yuan in innovative activities, including automobiles, in the third quarter of 2022, and the Xiaomi car R&D team has exceeded 1800 people.
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