Xiaomi wants to sell ten times more cars than Tesla and become one of the five largest car manufacturers

Xiaomi CEO Lei Jun explained what he expects from his most ambitious and latest project as head of the company.

Here's What We Know

As you understood, we are talking about the entry of Xiaomi in the car market. Lei Jun has high hopes for this direction and believes that his company is able to enter the top 5 leading automakers.

According to the CEO, getting into the top 5 electric car manufacturers is the only way for Xiaomi to succeed in the new direction. Lei Jun believes that in the future these five will control 80% of the market.

Mass production of Xiaomi electric cars is scheduled to start in 2024. The president of Xiaomi Group reassured investors and said that everything is going according to schedule. In the future, the Chinese company wants to sell more than 10 million vehicles annually. For comparison, Tesla sold an order of magnitude fewer vehicles (936,000 units) in 2021, and Toyota sold just over 8 million units.

Source: MyDrivers