Thu. Sep 29th, 2022
Xiaomi's automotive project is ambitious, but extremely risky


It has been 500 days since Xiaomi announced its intention to become the next Chinese Tesla. Now this ambition is only backed by big numbers, hundreds of millions of euros spent.

xiaomi
Maven concept car from WM Motor, one of Xiaomi’s partners

Xiaomi does not hide its ambitions in the automotive industry. To do this, he multiplies his spending on R&D, but he has no choice. The smartphone and electronics maker is looking for new growth levers after posting its first drop in sales in 2022.

€10 billion on the car, including €500 million for the autopilot

Like its Apple icon, Xiaomi is very interested in the electric car and would like us to see its logo on the roads. We have known since 2021 that the brand wants to invest close to 10 billion dollars to enter this market. For his last conference, where we were able to discover the Mix Fold 2, CEO Lei Jun spoke about the efforts made to design an autonomous car. In total, 500 employees are working on this project for nearly 500 million euros of investment. The Chinese group is currently testing 140 vehicles across China for autonomous driving.

Since Xiaomi entered the electric vehicle industry 500 days ago, our autonomous driving team has gathered more than 500 members, planned to invest 3.3 billion RMB in the first phase of R&D, and committed to self-development of full stack algorithms. Our goal is to become an industry leader in 2024. pic.twitter.com/sRaRJ6t0uk

– leijun (@leijun) August 11, 2022

Xiaomi wants to become one of the leaders in the sector, just like Tesla. But, for the moment, we have not yet seen any products.

the road is still long

The Chinese group has been talking with China for months about granting licenses, without success, according to Bloomberg. However, the longer it takes to get a license, the later your rivals will win. Among the competitors we have Nio, Xpeng or even Byton or Li Auto. These start-ups also want to become the new Chinese Tesla.

WM Motor's Maven concept car
WM Motor’s Maven concept car

The next step is the discovery of a first electric vehicle prototype. This car is said to have been designed by HVST Automobile Design, responsible for WM Motor’s Maven concept car. After this announcement, we will be able to discover the first production cars. We expect this step as early as 2024. However, there is still a long way to go: Xiaomi Auto’s Gigafactory and R&D center are being manufactured in Yizhuang, China.


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This article was translated from this source written by

By SABER

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