Xiaomi invests $ 1.5 billion in electric cars

“I am ready to put all my personal reputation on the line and fight for the future of our intelligent electric vehicle,” Xiaomi founder and CEO Lei Jun said in a statement. On March 30, 2020, during its annual conference, Xiaomi announced its new brand image based on the “Alive” concept. At the same time, the company signaled its entry into the electric vehicle market.

Xiaomi has issued an official notice to the Hong Kong Stock Exchange to announce its entry into the smart electric car market. The initial investment amounts to 10 billion yuan (around 1.5 billion dollars). In the next 10 years, Xiaomi plans to invest $ 10 billion for the development of intelligent electric vehicles.

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During the last 75 days the CEO of Xiaomi attended the different stages of the project: 85 meetings with more than 200 experts, 4 internal management debates and 2 board meetings. For good reason, Lei Jun will be in charge of the group’s subsidiary specializing in intelligent electric cars.

“I hope that one day there will be a Xiaomi car in every street”

“Intelligent electric vehicles represent one of the greatest business opportunities of the next decade and are an indispensable part of smart life. Going into this business is an obvious choice for us as we develop our intelligent AIoT ecosystem and fulfill our mission of enabling everyone in the world to enjoy a better life through innovative technologies, ”said Lei Jun in the press release.

March 26, 2021, Reuters already announced the arrival of Xiaomi in the sector adding that the company would work with Great Wall Motors. Information denied by the Chinese car manufacturer. At the moment, few details are available on the arrival of autonomous cars from Xiaomi and no date of release has been announced. Nonetheless, Lei Jun hopes “that one day there will be a Xiaomi car on every street,” the CEO said at the annual conference.

China is a hot market for electric cars. In 2020, Tesla made 30% of its deliveries and 20% of its turnover there. But since March 19, 2021, Beijing has banned its officials and military from buying vehicles from Elon Musk’s company. A few days later, on March 23, 2021, the Chinese car manufacturer Geely, in particular the owner of Volvo, announced the creation of Zeekr, a brand of high-end electric vehicles. On the Zeekr project, Geely is working with Baidu. In general, this is part of the Chinese desire to acquire industrial independence, which is also asserting itself in the semiconductor sector.

To mark the turning point of “Alive”, Xiaomi presented a new logo. Very similar to the old one, except for the rounding of the edges and the brand name inscribed in gray, the surprise of the fans was not there. 01 net even notes that the logo leaked a few hours before its announcement without causing any waves.


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