Xiaomi does not hide its interest in the automotive market. Last year, the Chinese tech giant even created a separate subsidiary of Xiaomi Automobile, which will produce cars on an electric platform and develop unmanned control systems. The company has set itself the ambitious goal of becoming one of the top five electric car manufacturers in the global market, as revealed by founder and CEO Lei Jun.
Lei Jun shared with the public Xiaomi’s plans for the automotive market. His company expects to produce at least 10 million electric vehicles annually, which will allow it to enter the TOP-5 of the main players in the industry. The head of Xiaomi said that in fact, before entering the automotive market, they did a thorough research to get a complete picture of the electric vehicle industry.
“I think that electric vehicles are one of the new forms of consumer electronics with smart technologies, software and user experience at the core, and the automotive industry will develop along the lines of the consumer electronics direction, where most of the market is concentrated among the top players. And I am convinced that when the electric vehicle industry reaches its maturity, the world’s top five brands will have more than 80% of the market. And the only way for us to succeed is to enter the top five and produce more than 10 million cars annually,” said Lei Jun, noting that competition in the market will be fierce.
Earlier, Xiaomi released a quarterly financial report, which said that in the third quarter of 2022, the company invested 829 million yuan or $115.9 million in a newly established electric vehicle business and other potentially profitable and promising projects. The company’s R&D spending increased by 25% compared to last year.
According to sources, Xiaomi already has a ready-made prototype of the first electric car, codenamed MS11. It is built on an 800-volt architecture and is driven by an electric propulsion unit with a capacity of 250 kW or 354 hp.
Source: Trash Box
Charles Grill is a tech-savvy writer with over 3 years of experience in the field. He writes on a variety of technology-related topics and has a strong focus on the latest advancements in the industry. He is connected with several online news websites and is currently contributing to a technology-focused platform.
