Xiaomi expects its EV to succeed! The goal is the top five worldwide

Chinese tech giant Xiaomi has been expanding its product range with EV projects. The CEO of Xiaomi recently talked about his own predictions conserning company's new EV projecy. Chinese company expects to surpass Tesla and Apple's EV in the market. With a global top five ranking in mind, Lei Jun wants his company to join the world's largest automakers and sell 10 million electric cars annually. 

Xiaomi expects its EV to succeed! The goal is the top five worldwide

Therefore, I think EVs are a form of consumer electronics with intelligentization, software, and user experience at the core. The essence of the auto industry will evolve from mechanics to consumer electronics, where market share is highly concentrated among the top players.

— Lei Jun (@leijun) October 19, 2022

The CEO of Xiaomi claims that the world's top five brands will hold over 80% of the EV market in the future, therefore the competititon for the Chinese brand is quite tough, but CEO believes that the future belongs to EV vehicles. Lei Jun continues by stating that he anticipates that automobiles will transition from mechanical to consumer electronics, that electric vehicles are significantly simpler to operate than gasoline-powered automobiles, and that battery prices have decreased by 80% in the past decade alone, with further cost reductions of 50% still being possible. EV market has been in the works for couple years, and although Xiaomi just entered the game, they are quite catching.

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