According to Lei Jun, Xiaomi’s EV business must rank in the top 5 in the world

Xiaomi’s EV business must rank in the top 5 in the world says the CEO of Xiaomi. The CEO of Xiaomi has his forecasts following the Q3 Tesla results and Elon Musk’s ambitions to surpass Apple and Saudi Aramco’s combined valuations. With a top five position in the globe in mind, Lei Jun wants his business to join the biggest manufacturers on the planet and sell 10 million electric vehicles annually.

The top five global brands will control more than 80% of the market, according to Xiaomi’s CEO, and the company needs to be among them to prosper. However, the entrance ticket costs a whopping $10 million per year. Lei Jun makes the case that today’s automobiles are primarily technological commodities with software and user experience at their core.

Xiaomi’s EV’s other details

Lei Jun continues by stating that he believes cars will eventually transition from being mechanical to being consumer electronics, that electric cars are much simpler to operate than gasoline-powered cars, and that the price of batteries has decreased by 80% just in the past ten years, with a further 50% cost reduction still possible.

His views are a covert rebuttal to some experts’ claims that Tesla is at least ten years ahead of the competition and that Xiaomi is too late to the party. Lei Jun, however, maintains that Xiaomi’s EV will have lots of chances to catch up because the race has just begun.

Can Xiaomi’s EV truly succeed and become a profitable EV manufacturer? Is it possible to sell 10 million cars annually? With a $10 billion development budget, the corporation will undoubtedly make a valiant effort, so there is no reason why it shouldn’t.

China’s Yizhuang is home to the first plant for the future Xiaomi’s EV. 300,000 units can be produced per day. 150,000 cars will be produced in the first phase of the company’s plan to reach mass manufacturing by 2024. Even with its budget and pace, it will take a very long time for Xiaomi to produce 10 million automobiles annually because it will need 30 factories of that size.

The notion that automobiles are evolving to resemble electronic items is not brand-new; a few businesses have tried them in the past with mixed results. Despite its focus on software and the user experience, even Tesla cannot afford to ignore the basic joy of driving. While many of us appreciate brief periods of autonomous driving, we often prefer to be in charge. Sure, we let automobiles take care of the tedious tasks like parking themselves and protecting us, but we still enjoy being behind the wheel.

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