AutoBeta(AutoBeta.net)10/19 Report--

On Oct. 19, Xiaomi Group Chairman Lei Jun said at Xiaomi Investor Day that Xiaomi's car construction and team work have far exceeded his expectations, and Xiaomi is expected to be in mass production in the first half of 2024. According to Lei Jun, Xiaomi Automobile Company has been registered in Beijing, and its first factory will be located in Yizhuang, Beijing. so far, it has received 20,000 resumes and 453 people on the R & D team.

According to media reports, Lei Jun said at the scene that doing the automobile business is not for "publicity". At present, electric cars have changed from the machinery industry to the information industry, and since some peers are already doing it, Xiaomi will be eliminated if it is not done. Xiaomi, from smart phones to smart homes and smart offices, is a fully intelligent ecology. If it is well integrated with electric cars, it will have a strong expansibility.

On the news, the share price of Xiaomi Group, a Hong Kong stock, rose all the way, closing at HK $22.60, up 5.6%, with a total market capitalization of HK $567.1 billion.

On March 30 this year, Xiaomi Group announced at a press conference that it had officially entered the field of car manufacturing and proposed to set up a wholly-owned subsidiary in charge of smart electric vehicle business, with an initial investment of 10 billion yuan and an estimated investment of US $10 billion in the next 10 years. Lei Jun, CEO of Xiaomi Group, will also serve as CEO of Smart Electric vehicle business.

At the launch of Xiaomi's new products in spring, Lei Jun said that Xiaomi would make every effort to build Xiaomi cars with its existing cash reserves of 108 billion yuan, a research and development team of more than 10000 people, the top three mobile phone business in the world and the best smart ecology in the world.

On Sept. 1, Lei Jun said on Weibo that Xiaomi Automobile was officially registered as Xiaomi Automobile Co., Ltd., with a registered capital of 10 billion yuan. Lei Jun, chairman and CEO of Xiaomi, served as the legal representative. Xiaomi said that in the five months since the car was announced, the Xiaomi auto team conducted a large number of user research and industry chain inspections, carefully selected from more than 20,000 resumes while vigorously promoting the product definition.

On October 15, Xiaomi Group announced organizational restructuring and cadre appointments, in which Li Xiaoshuang was appointed vice president of Xiaomi Automobile, responsible for product, supply chain and market related work, and reported to Xiaomi Automobile CEO Lei Jun. It is understood that Li Xiaoshuang once served as the person in charge of Xiaomi Box and Xiaomi TV. before he became vice president of Xiaomi Automobile, he was the general manager of the electricity Department of Xiaomi Group, leading Xiaomi TV to become the number one in the world. in fact, Li Xiaoshuang has already appeared in the group photo of the core executives who announced the establishment of Xiaomi Automobile Company by Lei Jun.

At present, Xiaomi cars are still in continuous layout. Lei Jun once revealed in a live broadcast that Xiaomi's first model will be located at the middle and high end, and will certainly represent the cutting-edge technology and cutting-edge level at the time of launch, and the price is likely to be between 10 and 300000 yuan. In addition, specific models are currently being selected between sedans and SUV, and have not yet been finalized.

However, many netizens are skeptical, after all, Xiaomi has never entered the vehicle manufacturing industry before, at this time the tentacles will be extended to another unfamiliar industry, and finally the main business and sideline may be abandoned.

In fact, netizens' worries are not unreasonable. Xiaomi's first production car will be launched in three years' time, which will bring a lot of uncertainty to the market, and with the fullness of China's new energy vehicle industry, the market will become more and more concentrated, leaving Xiaomi little time. However, when Lei Jun announced that he had entered the bureau to build a car, he said that this was the last major start-up project in his life, and he was willing to bet all his reputation to lead the team to fight for Xiaomi car. As for the measures that may be encountered on the way to building cars, Lei Jun said bluntly, "We can afford it." As for what kind of waves Xiaomi will make in the auto market, let's wait and see.

Welcome to subscribe to the WeChat public account "Automotive Industry Focus" to get the first-hand insider information on the automotive industry and talk about things in the automotive circle. Welcome to break the news! WeChat ID autoWechat