With China EV launch, Xiaomi's 'Thor' takes on Elon Musk
© Reuters. Xiaomi founder and CEO Lei Jun stands next to Xiaomi's newly unveiled first electric vehicle, the SU7, at an event in Beijing, China December 28, 2023. REUTERS/Florence Lo/File PhotoWith the launch of a much-hyped and against-the-odds electric car, Lei Jun, Xiaomi's co-founder and CEO, is taking on Elon Musk with a strategy that takes a page from Tesla (NASDAQ:
Already a household name in China, Lei's marketing strategy for his EV borrows directly from Musk, said Yale Zhang, managing director at Automotive Foresight. Last year, Xiaomi launched more expensive smartphones to compete with Apple's iPhone, but Lei's decision to sell a sporty EV that draws styling cues from Porsche will test the Chinese company's ability to shift to a new, premium market.
Xiaomi built a Beijing factory capable of producing 200,000 cars annually before it had regulatory approval to start manufacturing in China. State-owned automaker BAIC Group disclosed in November it would make the cars for Xiaomi - at the same Xiaomi plant. Musk also won support from the Shanghai government when setting up the Tesla factory there. The construction of Tesla's Shanghai plant took less than a year after it broke ground in 2019.
"Xiaomi has enough cash reserves to cope with any fierce competition in the next five years. And if it is possible, Xiaomi will look for ways to accumulate more cash," Lei said.
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