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Xiaomi EV’s super factory unveiled by Lei Jun’s social media post

Gabriella From Gasgoo| March 21 , 2024 18:11 BJT

Beijing (Gasgoo)- Xiaomi's founder, Chairman, and CEO, Lei Jun, recently took to Weibo to announce the official unveiling of Xiaomi EV’s super factory. 

Xiaomi EV’s super factory unveiled by Lei Jun’s social media post

Photo credit: Weibo @Lei_Jun

Lei Jun expressed the significance of the day, highlighting that the board of directors chose to have an meeting at the Xiaomi automotive factory, where they toured the facility and test-drove the Xiaomi SU7, Xiaomi’s inaugural production model.

Simultaneously, Xiaomi Group released its 2023 financial report, revealing impressive figures. The total revenue for 2023 reached 271 billion yuan, with an adjusted net profit of 19.3 billion yuan, marking a remarkable 126.3% year-on-year surge. Xiaomi's "Human x Car x Home" ecosystem strategy drew a substantial investment in R&D, totaling 19.1 billion yuan, rising 19.2% from a year ago. In addition, an investment of 6.7 billion yuan was dedicated to the group’s innovative ventures like smart electric vehicles in the past year.

Xiaomi EV’s super factory unveiled by Lei Jun’s social media post

Photo credit: Xiaomi

Xiaomi officially announced its foray into the automotive industry on March 30, 2021, and the forthcoming release of the Xiaomi SU7 is set on March 28, 2024. 

Following Lei Jun's previously outlined plans, Xiaomi EV aims to stand among automotive industry leaders by 2024, with the inaugural Xiaomi SU7 model targeting sales of 100,000 units in its first year for sale and a cumulative delivery of 900,000 units over the subsequent three years.

During a recent financial briefing, Xiaomi Group’s President, Lu Weibing, acknowledged that the Xiaomi SU7 might carry a higher price tag, but emphasized its status as a high-performance, technology-powered C-segment sedan with comprehensive ecosystem support. Xiaomi EV’s interim goal is to rank among the top three in sales of pure electric luxury sedans in China. User experience and reputation weigh heavily in Xiaomi's automotive aspirations, surpassing mere sales figures.

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