On this week’s spring product launch, Xiaomi laid plans for its entrance into the EV market. Over the course of the following 10 years, Xiaomi will make investments $10 billion into its sensible electrical automotive enterprise. For a corporation that covers an enormous array of tech merchandise, from TVs and telephones to robotic vacuums and electrical scooters, the transfer shouldn’t be an enormous shock, however the information might have a few of the huge names fearful.
The 2021 new product launch included some great-looking tech merchandise, such because the Mi 11 Extremely smartphone, the Mi Good Band 6 sports activities tracker and the Mi Combine Fold – its first foldable smartphone. The announcement to maneuver into the electrical automobile market, nevertheless, was in all probability probably the most important.
Xiaomi founder and CEO, Lei Jun, referred to as the EV market a pure selection for the corporate as a way to broaden its synthetic intelligence of issues (AIoT) ecosystem. “Good electrical automobiles signify one of many largest enterprise alternatives within the subsequent decade and signify an indispensable element of sensible dwelling,” stated Lei.
The EV subsidiary will likely be wholly owned by Xiaomi and will likely be led by Lei Jun himself. The mission he describes as “the final entrepreneurship in my life.” Lei admits that Xiaomi is a latecomer to the EV market however has confidence that they’ll construct an amazing automotive, asking his followers to be affected person. “Sooner or later I hope there will likely be a Xiaomi automotive on each road.”
Whereas there have been stories of Xiaomi utilizing the Nice Wall Motor Firm’s manufacturing unit to make the automobiles, there was no point out of this within the press convention and Nice Wall has denied discussing a partnership with Xiaomi.
Xiaomi isn’t the one Chinese language tech agency wanting on the EV market. Search engine large Baidu introduced plans to make EVs again in January utilizing a plant owned by Geely – the guardian firm of Geely Auto, Proton, Lotus and Volvo.