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Xiaomi plans to produce more than 10 million cars a year: “The only way for us to succeed is to enter the top five”

CEO Lei Jun has high hopes for the automotive business. He previously stated that this is his last big project, and recently said that Xiaomi plans to ship more than 10 million machines annually.

When the electric vehicle industry matures, the world’s top five brands will have over 80% market share; the only way for us to succeed is to be in the top five and deliver more than 10 million vehicles a year.

Lei Jun

At present, the Xiaomi car research and development team has more than 1,800 people.

A couple of days ago, Xiaomi published its third quarter financial report, which showed revenue of about $10 billion, down 9.7% from last year, and a net loss of $200 million, while the company made a profit of 110 a year earlier. million dollars.
The company said investments in innovative businesses such as smart electric vehicles totaled $115 million, up 35.68% from the second quarter. In the first three quarters of this, Xiaomi has invested $260 million in car production.
Regarding investor concerns, Wang Xiang, president of Xiaomi Group, stressed that the company is on track and preparing to start mass production in 2024. He also said that the scale of Xiaomi’s investment in the automotive industry will not have a serious impact on the entire company.
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