The Capital City of Beijing, China – March 30, 2021 – Xiaomi will invest $10 billion in the electric vehicle race to rival Tesla and Geely. The announcement was made after the mega launch of their powerful smartphone lineup, Mi 11 Series.
The Chinese tech giant’s goal is to “offer quality smart electric vehicles,” it said a week ago.
Currently, Xiaomi is one the global leader in the AIoT market and the third-largest smartphone manufacturer in the world behind Apple and Samsung – according to analyst firm Canalys.
The intention of this announcement is very clear – Xiaomi is planning to arrange a fierce fight against Tesla and Geely. These two are current giants in the electric car industry in China.
“The decision was made after numerous rounds of deliberation among all our partners, and this will be the final major entrepreneurial project of my life. I am willing to put all my personal reputation on the line and fight for the future of our smart electric vehicle! I am determined to lead my team to fight for the success of the Xiaomi electric vehicle,” the company’s chief executive Lei Jun said.
“Smart electric vehicles represent one of the largest business opportunities in the next decade and represent an indispensable component of smart living. Entering this business is a natural choice for us as we expand our smart AIoT ecosystem and fulfill our mission of letting everyone in the world enjoy a better life through innovative technology.” He added.
Although Xiaomi is yet to say if they will target budget electric vehicles or high-end electric vehicles. But based on their philosophy “Make the best product but sell as low as possible,” we can assume that they’ll give the almost high-end electric vehicles for less.
As of now, planned or existing models in China range from the tiny Hong Guang Mini EV, which retails for $4,500 to the new high-end electric brand Zeekr, which is owned by China’s biggest carmaker Geely.