Xiaomi’s foray into the automotive industry has been met with numerous challenges, but the tech giant’s CEO, Lei Jun, recently confirmed that the business is progressing at an impressive pace. In fact, the winter test of Xiaomi’s first car was completed successfully, and the team behind it is rapidly expanding, achieving tasks faster than anticipated.
According to Lei Jun, the company is right on track with its plans, and mass production is expected to commence in the first half of 2024. To date, Xiaomi has already invested over $433 million in its automotive business and currently boasts a team of more than 2,300 people.
See also: Xiaomi aims to become one of the world’s top five EV makers
Xiaomi is set to receive a fresh influx of investment amounting to over $2.8 billion this year, with an additional $14 billion in funding over the next five years. These figures reflect the confidence of investors in Xiaomi’s potential to succeed in the automotive market.
During the company’s Investor Day, Lei Jun also suggested that Xiaomi should explore the potential of robotics, as the development of such technology could enhance the self-driving capabilities of cars and speed up the manufacturing process.
Xiaomi’s commitment to innovation and its willingness to take on challenges are commendable, especially given the highly competitive nature of the automotive industry. With the company’s impressive progress and the continued support of investors, it is clear that Xiaomi’s automotive business is poised for success.
