Xiaomi XIACF CEO Lei Jun made a grand entrance at the newly unveiled EV factory, gearing up for the domestic rollout of the company’s first car, the SU7, also known as Speed Ultra.
Lei Jun Unveils Factory: “I can’t wait to unveil what we’ve been working on!” Lei Jun shared in a post on X, formerly Twitter, while sporting a jacket with the company logo as he stood on the factory floor.
Earlier in the day, the EV factory was officially launched, with the Xiaomi board convening for a meeting, factory tour, and a test drive of the SU7, building anticipation among stakeholders.
Xiaomi, often likened to the ‘Apple of China’, is well-established in the smartphone and domestic appliance spheres. Last December, the company revealed its first EV, with CEO Lei Jun drawing parallels to the Porsche Taycan and Tesla Model S, signaling a high-end positioning for the vehicle.
Official pricing details for the SU7 are set to be disclosed during an imminent launch event scheduled for March 28.
Xiaomi Financials: In 2023, Xiaomi reported a robust total revenue of 271 billion yuan ($37.64 billion) with an adjusted net profit of 19.3 billion yuan ($2.68 billion), showcasing a remarkable year-on-year growth rate of 126.3%. This strong performance occurred despite 6.7 billion yuan in expenses linked to new ventures, including the EV division.
Significance: Xiaomi is rapidly advancing towards the release of its electric sedan, a stark contrast to American tech giant Apple’s trajectory.
Recent reports indicated that Apple terminated its electric car project after substantial annual investments in research and development. With a revised strategy to expedite time-to-market, concerns surfaced among top Apple executives regarding the potential profit margins for the vehicle.
Image Credits – Sudhanshu Singh/Benzinga
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