Close Menu
  • Home
  • Automobile
  • Battery
  • Charging
  • China
  • Autonomous
  • Air Mobility
  • Hydrogen
  • Others
    • Study
    • Fleets
    • Politics
    • Commercial vehicles
    • Electric Motorcycles
    • Electric Bike
    • Finance
    • Public Transport
    • Software
    • Conversion
    • Sales
    • Concept
    • Electric Boats
    • Sport
      • Formula E
      • MotoE
What's Hot

Factorial Unveils Gammatron™ AI Platform to Fast-Track Solid-State Battery Innovation

June 18, 2025

Ford Halts Mustang Mach-E Deliveries and Test Drives Amid Door Lock Defect

June 18, 2025

Samsung Targets 2027 for Solid-State Battery Launch with Breakthrough Cost-Cutting Technology

June 18, 2025
Facebook X (Twitter) Instagram
  • Home
  • About Us
  • Advertising
  • Media Kit
  • Support EVMagz
  • Newsletter
  • AI Policy
  • Cookie Policy
  • Contact
Facebook X (Twitter) Instagram Pinterest YouTube LinkedIn WhatsApp
EVMagz
  • Home
  • Automobile
  • Battery
  • Charging
  • China
  • Autonomous
  • Air Mobility
  • Hydrogen
  • Others
    • Study
    • Fleets
    • Politics
    • Commercial vehicles
    • Electric Motorcycles
    • Electric Bike
    • Finance
    • Public Transport
    • Software
    • Conversion
    • Sales
    • Concept
    • Electric Boats
    • Sport
      • Formula E
      • MotoE
EVMagz
Home Xiaomi is targeting to sell more than 10 million units of electric vehicles annually
Xiaomi

Xiaomi is targeting to sell more than 10 million units of electric vehicles annually

By Andy WilliamsNovember 30, 2022No Comments2 Mins Read
Facebook Twitter Reddit WhatsApp Pinterest LinkedIn Email Telegram Copy Link

Xiaomi hasn’t unveiled its first electric vehicle yet, but the technology giant from China has ambitions to become one of the world’s largest electric vehicle manufacturers

The Chinese tech giant founded Xiaomi Automobile in September 2021 with an initial investment of $1.39 billion and has been hard at work developing electric vehicles 14 months since.

Although so far known as an electronics company far from the automotive industry, Xiaomi founder Lei Jun via his Twitter account said the company he leads targets selling more than 10 million vehicles annually.

“The manufacturing threshold of EVs has been dramatically lower compared to gasoline cars: 30,000 components are highly modular, and the cost of batteries has fallen by 80% in the past ten years (with at least 50% more room for cost reduction in the future ),” Lei said. “Therefore, I think EVs are a form of consumer electronics with intelligentization, software, and user experience at the core. The essence of the auto industry will evolve from mechanics to consumer electronics, where the market share is highly concentrated among the top players.”

The manufacturing threshold of EVs has been dramatically lowered compared to gasoline cars: 30,000 components are highly modular, and the cost of batteries has fallen by 80% in the past ten years (with at least 50% more room for cost reduction in the future).

— Lei Jun (@leijun) October 19, 2022

In his analysis, Lei said the world’s top 5 brands will hold more than 80 percent share of the electric vehicle market when the industry reaches maturity.

“In other words, the only way for us to succeed is to be one of the top 5 and ship more than 10 million cars annually. The competition will be brutal,” he said.

As additional information, the world’s two largest car manufacturers today, Toyota and Volkswagen, each sell around 10 million vehicles each year.

Tesla’s Elon Musk says his company could produce up to 20 million electric vehicles annually within 10 years.

Xiaomi has finished building its first electric vehicle prototype which is planned to launch in 2024.

Very few details about the vehicle are known but it could be offered with 400 volt and 800 volt architectures and using BYD & CATL battery cells.

I'm convinced that the world's top 5 brands will hold more than 80% of the market share when the EV industry reaches maturity. In other words, the only way for us to succeed is to be one of the top 5 and ship more than 10 million cars annually. The competition will be brutal.

— Lei Jun (@leijun) October 19, 2022

See Also:

  1. Xiaomi Auto to use BYD & CATL batteries for its first EV
  2. Xiaomi has reportedly built their first electric vehicle prototype
  3. Why are electric vehicles expensive?
  4. The 10 largest battery manufacturers in the world are Asian companies
  5. BYD officially confirmed two new EV brands that will be launched in 2023
Automotive Battery BYD CATL China Electric Vehicle Lion Electric Software Technology Xiaomi
Follow on Google News Follow on Flipboard
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email Reddit WhatsApp Copy Link

Related Posts

Factorial Unveils Gammatron™ AI Platform to Fast-Track Solid-State Battery Innovation

June 18, 2025

Ford Halts Mustang Mach-E Deliveries and Test Drives Amid Door Lock Defect

June 18, 2025

Samsung Targets 2027 for Solid-State Battery Launch with Breakthrough Cost-Cutting Technology

June 18, 2025

Tesla Extends 1.99% APR Promotion for Model Y Long Range AWD in U.S. Until June 30

June 18, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

Factorial Unveils Gammatron™ AI Platform to Fast-Track Solid-State Battery Innovation

June 18, 2025

Ford Halts Mustang Mach-E Deliveries and Test Drives Amid Door Lock Defect

June 18, 2025

Samsung Targets 2027 for Solid-State Battery Launch with Breakthrough Cost-Cutting Technology

June 18, 2025

Tesla Extends 1.99% APR Promotion for Model Y Long Range AWD in U.S. Until June 30

June 18, 2025

LG Energy to Supply 4680-Format Batteries to Chery, Ending Tesla’s Exclusive Use

June 18, 2025

Subscribe to Updates

Get our daily electric vehicles news straight into your inbox!

Welcome to EVMagz, your ultimate source for the latest news and updates on the electric vehicle industry, sustainable mobility, and green energy.

As a website dedicated to promoting the shift towards sustainable transportation and a greener future, EVMagz is committed to providing our readers with accurate and up-to-date information on the electric vehicle industry and the latest developments in sustainable mobility.

Top Insights

Factorial Unveils Gammatron™ AI Platform to Fast-Track Solid-State Battery Innovation

June 18, 2025

Ford Halts Mustang Mach-E Deliveries and Test Drives Amid Door Lock Defect

June 18, 2025

Samsung Targets 2027 for Solid-State Battery Launch with Breakthrough Cost-Cutting Technology

June 18, 2025
Get Informed

Subscribe to Updates

Get our daily electric vehicles news straight into your inbox!

Facebook X (Twitter) Instagram Pinterest YouTube LinkedIn WhatsApp
  • Home
  • About Us
  • Advertising
  • Media Kit
  • Support EVMagz
  • Newsletter
  • AI Policy
  • Cookie Policy
  • Contact
© 2025 EVMagz. Designed by EVMagz.

Type above and press Enter to search. Press Esc to cancel.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT