Saturday, July 13, 2024

Xiaomi aims to become one of the world’s top five EV makers

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Xiaomi CEO Lei Jun wants his company to be able to compete with the world’s largest automakers and sell 10 million electric cars a year with the global top 5 in mind.

According to the CEO of Xiaomi, the world’s top five brands will have more than 80% market share. But in order to be at that level, Xiaomi must market 10 million vehicles per year.

Lei Jun argues that cars are no longer cars, but forms of electronic goods with software and user experience at the core of their services.

Lei Jun said that cars evolved from mechanical goods to consumer electronics. Electric cars are much more complicated than gasoline-powered vehicles, and that battery costs have fallen by 80 percent in the last decade alone, with a further 50 percent cost reduction still possible.

His opinion is an indirect response to some experts who think that Xiaomi is too late to join the fight in the electric car segment, with Tesla being the flagship player in the next 10 years.

But Lei Jun claims the race has just begun and Xiaomi will have plenty of opportunities to catch up.

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