Xiaomi’s Investor Day was filled with exciting updates on the company’s foray into the automotive industry. CEO Lei Jun revealed that he devotes 50% of his time and energy to the automotive division and 25% to mobile phones, IoT, and premium products.
The R&D team working on Xiaomi cars has expanded to over 2,300 members and is actively working towards their official mass production launch in Q1 2024. The team has made remarkable progress, with the soft-film car being produced in September of last year and winter testing scheduled for the end of December.
See also: Xiaomi invests $490 million in research and development for first phase autonomous driving project
Xiaomi’s CEO, Lei Jun, has emphasized the importance of autonomous driving for the company’s entry into the automotive industry. As part of its autonomous driving initiative, more than 140 vehicles will undergo testing across China in the first phase, with the aim of becoming an industry leader by 2024.
In terms of profitability, Xiaomi’s focus is on software profits, which aligns with their approach to mobile phones. The future of cars presents an exciting opportunity to integrate various services beyond just sales and after-sales service.
Recently, a Weibo blogger (@不是郑小康) shared pictures of an unannounced EV model being tested, with Lei Jun present during the test. The extreme weather conditions allowed the brand to conduct critical calibrations, indicating the development of the Xiaomi Car.
See also: Xiaomi aims to become one of the world’s top five EV makers
Xiaomi has established its own automobile facility in Beijing’s Yizhuang, housing sales and R&D headquarters. They plan to build a fully-functional vehicle factory with a yearly capacity of 300,000 vehicles, with the first car scheduled to roll off the production line in 2024.
