People attending the presentation of Xiaomi’s SU7 electric car on the second day of Mobile World Congress in Barcelona David Zorakino—European Press via Getty Images
Both Xiaomi and its founder Lei Jun are big fans of Apple. The Chinese smartphone maker has adopted his Apple-like designs on its products and advertising, leading some to refer to it as “China’s own Apple.” And Ray cited Steve Jobs as a source of inspiration, writing in his 1984 book: valley fire It set him on the path to starting his own company.
So it wasn’t a big surprise when Xiaomi announced its entry into the EV space in March 2021, following Apple’s decision to consider building cars in 2014. At the time, Xiaomi pledged to spend $10 billion over 10 years to eventually deliver “high-quality smart electric vehicles.”
But now Apple’s car plans have disappeared, with the US tech company reportedly moving staff to AI projects instead.
The person behind “Apple of China” said in a post on Chinese social media platform Weibo on Wednesday that he was “shocked” by Apple’s decision. He continued that Xiaomi has made a “strategic choice” to invest in EVs and that despite the difficulties, the company remains committed to the project.
In December, Lei told state broadcaster CCTV that Xiaomi had invested 3,400 engineers and 10 billion yuan ($1.4 billion) in its first prototype vehicle. He noted that the overall investment was 10 times what automakers typically spend on new models.
Lei said at the time that EVs could allow Xiaomi to enter the automotive market because they combine elements of both traditional cars and consumer electronics.
The smartphone maker unveiled its first EV, the SU7 electric sedan, in late December.That car was the first one made respectability At Mobile World Congress in Barcelona this week.
Xiaomi Group President Weibin Lu said domestic deliveries could begin as early as the second quarter of this year. CNBC. The company hasn’t revealed pricing yet, but Lu said the official release will happen “soon.” Although the company is targeting the premium market, Lu said Xiaomi’s experience selling smartphones to “20 million premium users” is a good starting point.
Chinese consumers have rapidly adopted EVs in recent years, helping companies such as BYD and Li Auto achieve record sales. But as the pace of growth begins to slow and other EV manufacturers engage in fierce price competition to capture more market share, Xiaomi may be poised to enter the world’s largest EV market.
