Xiaomi has a substantial presence in the consumer electronics market, but the temptation to enter the automotive sector may be too strong to resist. While Xiaomi already has a presence in the mobility space thanks to its electric scooters, the company's first automobile will hit the road in the first half of 2024.
Xiaomi Corp Chief Executive Lei Jun has stated, according to Reuters, that the business will enter the market on its own and mass build its own automobiles. The announcement was made during an investor event, according to reports, and has subsequently been verified by the business.
Xiaomi's stock rose sharply after the announcement, but it's the car industry that may have taken notice. Xiaomi's entry into the electric car industry may pave the way for a dominant position in China, the world's largest automobile and electric vehicle market. A piece of the pie here might come at the expense of other local and global firms that are already there.
Xiaomi has previously stated that it intends to invest $10 billion in its new electric vehicle segment over the next ten years.
Xiaomi isn't the only consumer electronics business attempting to break into the automotive and transportation industries. Apple's Project Titan, for example, is a carefully kept secret, although it is known that the ultimate goal is to release an electric vehicle. Then there's Foxconn, Apple's iPhone partner, which on Monday unveiled three electric vehicles. Another Chinese business, Huawei, is also planning to enter the battle. Others, such as Google and Amazon, have also been experimenting with self-driving vehicles.
Many people think that the introduction of electric cars has significantly balanced the playing field.. US-based Tesla is the global leader but traditional auto companies like Volkswagen, Ford, Hyundai, Toyota and others are also looking at ramping up battery-powered options on offer.