Electronics manufacturer Xiaomi has decided to throw its hat into the car-making business. The founder and CEO of the company, Lei Jun, is highly committed to the project and he apparently devotes half of his time and effort to the company’s automotive division. The Chinese firm is confident about its new venture as its CEO recently announced the ambitious goal of placing Xiaomi Auto among the top five car manufacturers globally.

In an interview, Lei Jun said that Xiaomi Auto is aiming to become one of the top five car manufacturers in the world within the next 15-20 years. He highlighted that Xiaomi’s complete control over Xiaomi Auto is a result of utilizing the resources available across the entire company. The firm’s wide number of offline stores in China greatly contribute to the marketing of Xiaomi Auto.

Xiaomi EV

The executive admits that Xiaomi is around 6-7 years behind the competition in China and plans to bring its first car by 2024. Lei Jun emphasized that Xiaomi’s strong background in software and user experience will allow it to quickly narrow down the gap in the auto industry. According to him, the software component of the development process has become more crucial recently.

Currently, the automobile industry is dominated by big names like Volkswagen, Toyota, Mercedes, and Ford. It may not be easy for Xiaomi to surpass established giants in the industry, however, companies such as Tesla have shown that it can be done.

Last year, Xiaomi Auto managed to get $439 million in investment and has added more than 2,300 R&D personnel. In addition, recent reports have revealed that the team over at Xiaomi is working tirelessly to initiate the mass production of the first car by Q1 2024.

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