Xiaomi establishes Xiaomi EV for its electric vehicle business

1 September 2021, 02:42:29

Exactly 5 months ago, Chinese tech company Xiaomi, mostly known for its smartphones and smart home gadgets, announced that it will enter the EV business. Today, Xiaomi Corporation announced that Xiaomi EV, Inc. has been registered with a capital of CNY 10 billion (USD 1,547,623,731.45). Lei Jun, Founder, Chairman and CEO of Xiaomi, is the legal representative of Xiaomi EV, Inc. This marks a key milestone of the much anticipated smart electric vehicle (EV) initiative which has officially entered a substantial development phase.

During the announcement speech 5 months ago, Lei Jun said that Xiaomi is committed to investing an estimated USD 10 billion in total in EV business over the course of the next 10 years, with an initial investment of RMB 10 billion. He himself will lead the team and stake his entire reputation on fighting for the EV business of Xiaomi. Today, Lei Jun has become the legal representative of Xiaomi EV, Inc. and he is leading the team to double down on the EV manufacturing to turn his promises into actions, showing his firm determination and faith.

On July 28th, Lei Jun recruited talents for Autonomous Department on Weibo. During the 2021 Q2 earnings call on August 25th, Wang Xiang, Partner and President of Xiaomi, expressed that he felt the immense love from the automotive industry for Xiaomi as the company has received over 20,000 resumes. The Xiaomi EV team has carefully selected talents and formed a team of about 300 employees. The strong appeal of talent recruitment demonstrated that Xiaomi has become an emerging force that carries high expectations among the business insiders. As the team is still expanding rapidly, it welcomes more like-minded talented individuals to join.

During the 5 months from the announcement of Xiaomi EV initiative to the official registration of the EV company, the Xiaomi EV team has conducted a massive amount of user research and industry chain inspections, with more than 2,000 interview surveys and visits to over 10 industry peers and partners, while pressing ahead with the EV product definition and team formation.

In addition, Xiaomi announced its acquisition of an autonomous driving technology company Deepmotion Tech on August 25th. This shows that the Group has started to focus on building automotive-related technologies and talents. There are 16,000 engineers at Xiaomi currently and its R&D expenses was nearly RMB 10 billion in 2020. This demonstrates Xiaomi’s capability and confidence in having a rich talent pool and technologies. Xiaomi’s technological advantages in artificial intelligence, new materials and other fields will form a strong support for the automotive business.

In the meantime, Xiaomi reported a record revenue and a profit growth of the Group in the company’s 2021 Q2 earning results. In the second quarter of 2021, Xiaomi’s total revenue amounted to RMB87.8 billion, representing an increase of 64.0% year-over-year; adjusted net profit for the period was RMB6.3 billion, an increase of 87.4% year-over-year. The total revenue and the adjusted net profit both reached record highs in the quarter. Additionally, Xiaomi EV business has completed its rapid team building while invested heavily in the key technology of autonomous driving and officially registered Xiaomi EV, Inc. A number of achievements have proven that after 5 months of preparation, a better than ever Xiaomi is ready to embark on a new journey and the future performance of Xiaomi EV that is worthy of all expectations.

News related to Xiaomi or Xiaomi EV

Xiaomi YU7 was unveiled yesterday in China as a mid-to-large sized SUV. The vehicle is positioned as a direct Tesla Model Y competitor. Even during the event, the basic specs of the YU7 were directly compared with those of the Model Y. The YU7 has a 3000 mm wheelbase and a 4999 mm length. It is 1996 mm wide and 1608 mm high. With a 3.11㎡ clam-type aluminum cover design, which is the largest on a mass-produced car...

23 May 2025

Listing on the Ministry of Industry and Information Technology (MIIT) website has unveiled the design and name of the second Xiaomi EV - the Xiaomi YU7 SUV. Xiaomi did that mere minutes after the MIIT website with some further details about the car. It is 4,999 mm long, 1,996 mm wide, and 1,600 mm high. Its wheelbase is 3,000 mm, and its curb weight is 2,405 kg. The model is equipped with dual electric motors, a 220...

10 December 2024

CATL has started building its first battery production facility in North China called. It is a joint investment between CATL, BAIC Group, Beijing Energy Group, Xiaomi Group, and others. The groundbreaking ceremony was held yesterday. Currently, CATL has 11 factories in China and 7 of those are joint ventures with Chinese automakers. This new one will be the 12th in total and the 8th joint venture. Two other CATL...

19 June 2024

Xiaomi SU7 is the tech company's first EV and it has just been officially unveiled in China. The C-class performance sedan is jointly developed with the state-owned Beijing Automobile. It is based on the Modena electric vehicle platform architecture. There are two known versions of the model: Xiaomi SU7 AWD - specifications Xiaomi SU7 RWD - specifications Xiaomi has also worked closely with CATL for two years and is...

28 December 2023

National Business Daily has managed to obtain some information about the current state of affairs and production schedule of Xiaomi's first EV. According to the news outlet, on November 8th, Xiaomi held a closed-door meeting with partners that's been highly confidential with no options for official news reports. A few days later, NBD interviewed a person working near Xiaomi's production base in the Beijing Economic...

15 November 2023

Xiaomi and a committee from the Beijing Economic-Technological Development Area held a signing ceremony on November 27th for a cooperation agreement. With this agreement, it has been announced that Xiaomi Automobile for the production of EVs will be settled in Beijing with its main, sales, research and development headquarters. Xiaomi plans to offer an annual production of 300,000 EVs which will be achieved in two...

28 November 2021

A month ago, we reported that Xiaomi ponders on entering the EV business. It seems Xiaomi and more specifically - Lei Jun - the company's CEO and co-founder are done pondering and ready to act. The brand will enter the EV business., indeed. This is currently announced during Xiaomi's 2021 New Product Launch Part II event. The brand will create a wholly-owned subsidiary to enter the smart electric vehicle market. The...

30 March 2021

Various Chinese media report that Xiaomi is pondering on entering the EV market. One of the top smartphone vendors in the world has already ventured into the TV market and quite successfully so far. Obviously, it wants to have a chunk of the promising EV market and sees it as a strategic decision that will future-proof the company. In 2013, Lei Jun, co-founder and CEO of Xiaomi, went to the USA twice to visit...

22 February 2021

XPENG Motors - a Chinese EV manufacturer - has announced that it has received a Series C capital funding of US$400 million. The capital comes from "a group of strategic and institutional investors, bringing together an unparalleled combination of corporate and individual investors, as well as renowned private equity firms." An interesting fact here is the Xiaomi will join as a strategic investor. This company is...

14 November 2019