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Xiaomi car will be officially mass-produced in the first half of 2024

According to news on October 19, Lei Jun, chairman of Xiaomi Group, announced at the investor day today that the progress of Xiaomi’s car manufacturing and team work has far exceeded his expectations.

In addition, Lei Jun also said that now electric vehicles have shifted from the machinery industry to the information industry, and their peers are doing it. Xiaomi will be eliminated if they don’t make cars. Xiaomi already has a fully intelligent ecosystem such as smartphones, smart homes, and smart offices. The integration will have a very strong expansion.

Affected by this news, Xiaomi Group’s valuation first jumped 4.22% to HK$22.25, and then continued to rise. As of noon, it closed up 4.68% at HK$22.35 per share.

As we all know, on March 30 this year, Xiaomi Group announced that it will establish a wholly-owned subsidiary of smart electric vehicles. The Xiaomi car project is expected to invest 10 billion US dollars in the next 10 years, with an initial investment of 10 billion yuan. Xiaomi CEO Lei Jun also serves as CEO of the smart electric vehicle business. At the next Xiaomi spring new product launch conference, Lei Jun said that Xiaomi will use its existing cash reserves of 108 billion yuan, a research and development team of more than 10,000 people, the world’s top three mobile phone businesses, and the world’s best smart ecology to build Xiaomi cars. .

On September 1, Xiaomi Automobile Co., Ltd. was officially registered in Beijing with a registered capital of 10 billion yuan. Its first factory will be located in Yizhuang, Beijing, and 20,000 resumes have been received so far. In addition to recruiting talents, patent applications, and strategic investment, Lei Jun also personally visited many “friends” and potential suppliers.

It is reported that in the five months from Xiaomi’s announcement of the manufacture of the car to the registration of the company, the Xiaomi auto team has conducted a large number of industry chain inspections and user research, and conducted more than 2,000 investigations and interviews. Traditional car companies including GM Wuling and Great Wall, as well as dozens of industrial partners such as upstream suppliers Bosch and CATL, have successfully joined hands with FAW, intending to jointly build smart cars, and have built a 453-person R&D team. It can be said that it is fully committed to the construction of cars.