Lei Jun, CEO of Xiaomi now shares some developments in the industry for the electric vehicle arena. According to his target, within a few years, when the electric vehicle arena reaches its maturity, around 80% of the electric car market is expected to be acquired by the world's top 5 brands.
This target is seen based on how the arena of electronic equipment such as smartphones is today. The vast majority of the market is held by the world's top 5 brands alone – and the rest only hold a small amount of market share.
Due to this as well, Xiaomi aims to be among the top five manufacturers in the world, and wants to produce around 10 million cars every year.
I'm convinced that the world's top 5 brands will hold more than 80% of the market share when the EV industry reaches maturity. In other words, the only way for us to succeed is to be one of the top 5 and ship more than 10 million cars annually. The competition will be brutal.
— Lei Jun (@leijun) October 19, 2022
For now, Xiaomi has stated that their factory has a production capacity of around 300,000 units – and to reach 10 million cars per year it is still far from the target. However, with various technological developments in the coming years, perhaps it can be achieved.
Xiaomi aims to introduce their first car by 2024.