Xiaomi announced to build EV!
On March 30th, the third-largest mobile phone company -Xiaomi announced to establish a wholly-owned subsidiary to manufacture the smart electric vehicle. The initial investment will be Rmb10bn and $10bn is expected over the next 10 years. Mr. Lei Jun, Chief Executive Officer of the Group, will also serve as Chief Executive Officer of the Smart Electric Vehicle Business.
Lei Jun experienced the first hot wave of electric cars that started in 2014. Now the first echelon of the electric car in China includes NIO, Ideal Automobile, and Xpeng Automobile, Lei Jun or Xiaomi invested 2 of them.
The three head car manufacturing companies have established a complete manufacturing and sales service system. In 2020, they delivered 43,728, 32,624 and 27,041 electric vehicles respectively. Moreover, they also passed the IPO of the US stock market, took the money of Internet giants and top investment institutions.
Is Xiaomi too late for smart electric vehicle business?
Where is Xiaomi’s confidence from?
Brand and market basis are the life of the company, is also the support of Xiaomi, Xiaomi has very high user loyalty in the mobile phone market. Mr. Lei Jun is an idol of the young people in China. Also, Xiaomi is famous for its high cost-performance.
Xiaomi has some technology accumulation in artificial intelligence and chip technology, as a hardware company, Xiaomi survived from a shortage of production capacity at the beginning, and now has remarkable supply chain
After 75 days’ research and investigation, Xiaomi had 85 visits of professors in EV, deep talk with more than 200 experienced professionals. 4 internal discussions of management, and 2 formal board meetings. Xiaomi decides to catch up with the train of electric car. “This will be my last significant startup project, I know deeply what this decision means, I’m willing to bet on all my accumulated standings and reputations, fight for Xiaomi Automobile,” said Mr. Lei Jun.
As a legend in China, Mr. Lei Jun starts his second startup business, which means the electric car already becoming unstoppable. Let’s go electric and make the earth green. Weeyu also will fight for the green life of people, supply the EV charger and charging stations with great quality and stable performance.