Written by Cláudio Afonso | LinkedIn | X
Xiaomi founder and CEO Lei Jun, in his “2024 Annual Speech” themed “Courage,” disclosed that his decision to enter the car manufacturing sector was significantly influenced by encouragement from Nio CEO William Li and XPeng CEO He Xiaopeng.
Founders and CEOs of several Chinese EV makers, including He, Li, and Li Auto’s chief executive Li Xiang, attended Xiaomi’s launch event in late March, when the company launched its first-ever vehicle, the SU7.
Speaking this Friday in Beijing, Xiaomi‘s chief executive recounted how Li and He strongly urged him to explore the automotive industry, prompting him to reflect humorously on their motivations.
“I wondered, what were Li Bin [William Li] and He Xiaopeng’s motivations? How would it benefit them to persuade me to make cars? Weren’t they afraid of adding another competitor in the automotive industry?” he said.
Xiaomi, known for its consumer electronics, officially announced its entry into the car manufacturing business in March 2021, pledging to invest $10 billion over the next decade.
At the time, Jun said the division would be the “last major entrepreneurial project” in his life.
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Lei Jun recognized the inevitable trend toward smart electric vehicles and the increasing integration of the automotive and consumer electronics sectors, which solidified his commitment to this significant investment.
During the speech, Lei Jun also shared behind-the-scenes stories of Xiaomi’s venture into car manufacturing, including a viral video of himself performing a car drift that received continuous applause from the audience.
In late May, the Xiaomi CEO paid a visit to Nio’s headquarters in Shanghai to check Nio‘s latest model, the L60. The SUV was launched on May 15 under Nio‘s subbrand Onvo and will be a direct competitor to Xiaomi’s upcoming SUV.
Li’s inquiry into the competitive potential of the Onvo L60 against Tesla’s Model Y was met with a confident response from Lei Jun, who expressed optimism about the Onvo L60’s market prospects.
Written by Cláudio Afonso | LinkedIn | X
