Xiaomi is setting its sights on the automotive industry, with plans to launch its first electric car in the first half of 2024. The company’s founder, Lei Jun, recently expressed his ambitious goals for the venture in an interview with Chinese state broadcaster CCTV.

“I came into the car building with an aim to win,” Lei said. He outlined two key principles guiding Xiaomi’s automotive ambitions: leveraging proven technologies from established carmakers and investing heavily in research and development.

Xiaomi isn’t taking a traditional approach to car building. Lei revealed that the company has dedicated over 10 times the resources typically invested in a first car model by a conventional automaker. This translates to a team of 3,400 engineers and an R&D budget exceeding 10 billion yuan (approximately $1.4 billion).

“We invested 3,400 engineers on the first model, and the whole R&D investment was more than RMB 10 billion. So we are making use of more than ten times the industry’s investment,” he said.

Despite his confidence, Lei acknowledges the challenges ahead. He expressed concern about potential production bottlenecks and long wait times, which could damage Xiaomi’s reputation if not managed effectively.

“I’m more worried that if everyone buys it, resulting in a long wait time, say one or two years, we’ll get a bad rap,” Lei said. 

While the official unveiling of the car is still to come, some details have already been revealed. The model dubbed the SU7, is a sporty-looking four-door sedan that surpasses the size of both Tesla’s Model 3 and Nio’s ET5. It will be available with two battery options offering ranges of up to 800 kilometers on a single charge.

The electric car market is already crowded with established players and ambitious startups. Xiaomi’s success will depend on its ability to deliver a car that stands out in terms of performance, technology, and, perhaps most importantly, price.

Related:

(Via)

RELATED ARTICLESMORE FROM AUTHOR