Editing by Greg Gao

Lei Jun, founder and CEO of Xiaomi - the Chinese consumer electronics giant - announced the progress of the company's plan to build the electric vehicle Xiaomi Auto, with mass production predicted in the first half of 2024 and has invested in a string of EV supply chain companies. He said that his company's efforts exceeded his expectations at the company's annual Investor Day on October 19.

Seven months ago, in March, Xiaomi made public its plan to enter EV making. Lei Jun said that it is not for "seeking the limelight." EV making has evolved from the mechanical industry to the information industry; Many Chinese tech companies are joining the rush. "If Xiaomi does not enter the auto industry, we will lag behind others," he added. Xiaomi's business expands from smartphones to smart homes and smart offices, forming a fully smart ecosystem. It will have more significant growth potential if it is well integrated with electric vehicles.

Xiaomi's EV-making plan is a key part of Xiaomi's "Mobile Phone plus AIoT" long-term strategy. Xiaomi EV team has conducted a massive amount of user research and industry chain inspections. It has invested in more than 40 EV supply chain companies, covering vehicle manufacturing, automobile chips, batteries, autonomous driving technology, and automotive aftermarket.

Automotive IC is an important area that Xiaomi has invested in. Alice Sun, a senior partner of Xiaomi-backed Xiaomi Yangtze River Industrial Fund, revealed investing in YTMirco(云途半导体), a Chinese automotive MCU startup. She said, "Xiaomi Yangtze River Industrial Fund has long been semiconductor development. We will continue to pay attention to automotive MCU and other automotive chips."

According to Chen Yuenan, JW Insights' senior analyst, Xiaomi's future investment direction will focus more on EV industrial synergy and cover the industrial chain ecosystem.

In addition to auto chips, Xiaomi has invested in four power battery companies - Zhuhai CosMX Battery(珠海冠宇), CALB(中航锂电), and SVOLT(蜂巢能源), Ganfeng Lithium(赣锋锂电).