Xiaomi founder and CEO Lei Jun said at the Investor Day that the first Xiaomi car factory will be opened in Yizhuang, Beijing. He also revealed that the current progress of investment in car manufacturing has exceeded expectations and it is expected to enter mass production as early as the first half of 2024.
Prior to this, Xiaomi had already announced the acquisition of Deepmotion Tech, a self-driving technology company, and announced in September this year that it had completed the registration of a new company, which will beXiaomi Motors Co., Ltd.It is operated with a capital of RMB 100 billion and is represented by Lei Jun, co-founder, chairman and CEO of Xiaomi.
The company had previously planned to recruit a team of 300 people to build cars. After receiving over 2 resumes, it hired over 500 technicians in the first wave and is expected to invest in the research and development of Level 4 autonomous driving technology. It is also actively in intensive negotiations with industry partners and supply chains to plan the development direction of its vehicle product design.
According to previous statements, Xiaomi will invest US$10 billion in the research and development of electric vehicles over the next 100 years, with an initial investment of RMB 100 billion. In addition, it is currently in intensive negotiations with automakers such as Changan, GAC, SAIC-GM-Wuling, Great Wall, SAIC, Dongfeng, Bosch, and CATL. It plans to use its R&D team of more than XNUMX people, the development capabilities of the world's top three mobile phone businesses, and a more complete smart ecosystem chain resources to build an electric vehicle product from the ground up.
In a subsequent statement, Xiaomi CEO Lei Jun revealed that he hopes to build Xiaomi's first electric car priced at more than RMB 10 in the mid-to-high-end market, and it is expected to be unveiled in three years at the earliest.
