Xiaomi founder Lei Jun reveals the courage behind the company's decision to build a car

On July 19, 2024, Lei Jun, founder and CEO of Xiaomi Technology, shared the decision-making process of Xiaomi's decision to enter the automobile manufacturing industry in his annual speech. He said that the decision was made under the pressure of both internal and external forces on the company. Three years ago, Xiaomi suffered a major blow under US sanctions and then began to explore new business areas. After conducting in-depth market research, Xiaomi found that the smart electric vehicle market had great potential, so it decided to invest $10 billion in automobile manufacturing. Despite the risks, Lei Jun said he was confident in the company's technical strength and the team's innovation ability.