Xiaomi’s automotive business is growing more quickly than expected despite all odds.
Lei Jun, the founder, chairman, and CEO of Xiaomi, recently announced that their future electric vehicle’s (EV) winter test had been a success. He said that the automotive team is growing and finishing projects more quickly than anticipated.
In H1 2024, the company plans to begin mass producing its first EV, according to Jun. To date, Xiaomi has spent about $433 million on its car division. Currently, the company’s automotive development division employs about 2,300 people.
Xiaomi is anticipated to invest more than $2.8 billion in the automotive industry this year, and an additional $14 billion is anticipated over the following five years.
The CEO of the company also advised entering the robotics industry on Investor Day since the advancement of such technology will hasten the development of self-driving car technology and increase output.
For broad appeal, the business wants to put its first vehicle in the same class as the Tesla Model 3. In order to speed up the process, Xiaomi acquired the insolvent German business Borgward, which will shortly enable the start of EV car manufacture.
These changes suggest that Xiaomi might introduce its first EV sooner than expected.