Xiaomi has jumped into the smart electric vehicle sector with an official notice to the Hong Kong Stock Exchange. Lei Jun, founder, president and CEO of Xiaomi, announced it this Tuesday during his event to present the company’s news. A smart electric motorhome is the first foray into the business.
The new electric car subsidiary will operate under a wholly owned subsidiary of Xiaomi with an initial investment of RMB 10 billion. In addition, over the course of the next 10 years, Xiaomi has committed to invest a total of 10 billion dollars. Lei Jun will serve as CEO in this new line of business.
“The decision was made after numerous rounds of deliberations among all our partners, and this will be the last major business venture of my life. I am willing to risk my entire personal reputation and fight for the future of our smart electric vehicle! I am determined to lead my team to strive for the success of Xiaomi’s electric vehicle,” Lei Jun said during the presentation.
Furthermore, the company and its founder understand that intelligent electric vehicles represent one of the biggest business opportunities of the next decade and represent an indispensable component of intelligent living. “Entering this business is a natural choice for us as we expand our intelligent AIoT ecosystem and fulfill our mission to enable everyone in the world to enjoy a better life through innovative technology,” continued the Xiaomi CEO.
In an internal letter to employees, Lei Jun stated that he wanted to put on the table the different advantages that Xioami has when entering the new business. And what to go through: a deeper understanding of the hardware-based Internet services business model; more extensive experience in software and hardware integration; deeper manufacturing knowledge within the Internet industry; or a smart ecosystem that is the largest in terms of scale, the most diversified in terms of product category, and the most active in terms of user connections.
An intelligent motorhome, the company’s first vehicle
Interior of the Xiaomi motorhome
The shareholder meeting commissioned the CEO to start in the field of electric vehicles three months ago. Thus, Lei Jun has witnessed in the past 75 days the painstaking decision-making journey of Xiaomi’s executive team, including rigorous and exhaustive research on the EV industry: 85 meetings with more than 200 industry experts, four internal management discussions and two board meetings. In addition, the continuous support of ‘My Fans’, enthusiasts of the brand who have a series of privileges, has been essential.
Precisely, the first vehicle that the company has presented after three months of work is a motorhome, responding to one of the New Year’s dreams of a My Fan of the company. The result is a mobile home fully equipped with Xiaomi technological products, such as its coffee maker, a smart screen or one of its Smart TVs.
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