The CEO has high hopes for the automotive industry. He had previously stated that this was his last major project.

How many cars will Xiaomi produce?

According to Lei Jun’s new statement, the company plans to supply at least 10 million cars each year. Such a figure is determined by market realities.

When the EV industry matures, the world’s top five brands will account for more than 80 percent of the market. The only way for us to be successful is to be in the top five and deliver more than 10 million cars a year.
– says Lei Jun.

Xiaomi’s automotive research and development team currently has more than 1,800 employees. It is planned to invest 10 billion dollars in the first 10 years of the project.

Currently, very little is known about the final product. In July, Chinese publication Sina Tech wrote:

• The Xiaomi M1 will be an electric sedan priced between $25,000 and $40,000.
• The range will likely be 800 kilometers.
• The car will be equipped with a third-level autopilot, which ensures that the driver does not keep their hands on the steering wheel.

As the development process is ongoing and the company has not made a presentation yet, it is not possible to verify this data by the company. However, it is known with certainty that production will begin in 2024 at a factory under construction in Beijing’s Yizhuang suburb.