Official announcement: Xiaomi electric car project is approved, Lei Jun is appointed CEO


Rumors of Xiaomi making cars come true! On March 30, Xiaomi Group announced that the company’s board of directors formally approved the establishment of the smart electric vehicle business.

Xiaomi Group announced that the company intends to establish a wholly-owned subsidiary to be responsible for the smart electric vehicle business. The initial investment is RMB 10 billion, and the investment is estimated to be USD 10 billion in the next 10 years. Mr. Lei Jun, the CEO of the Group, will concurrently serve as the CEO of the smart electric vehicle business.

In February of this year, some media reported that Xiaomi had determined to enter the car industry and regarded it as a strategic decision. The specific form and path have not yet been determined, and there may still be variables. People familiar with the matter said that Xiaomi’s car may be led by Lei Jun, the founder of Xiaomi Group. After the news was reported by the media, the Xiaomi Group responded that there is no plan (making car) for the time being.

At the same time, Xiaomi Group announced on February 21 that it had recently noticed several media reports about the group’s intention to enter the electric vehicle manufacturing industry. The Group has always been concerned about the development of the electric vehicle ecology and has conducted continuous evaluation and research on the trends of related industries. The Group’s research on the electric vehicle manufacturing business has not yet reached the formal project stage. Xu Jieyun, deputy director of the General Office of Xiaomi Group and the former general manager of the public relations department of the group, said on social media, “Anything that Xiaomi wants to build a car is fake news.”

Although Xiaomi has always denied the rumors of making cars, relevant news has been raging, causing people from all walks of life to wait and see to eat melons. Since most of the rumors in the automobile circle are not groundless, we have also kept paying attention to the development of Xiaomi’s car. A paper announcement finally settled, Lei Jun also announced on social media that a press conference will be held on the evening of March 30 to talk about the ideas behind Xiaomi’s car making.