Lei Jun, the founder of Chinese smartphone giant Xiaomi, has argued that the competition in the auto industry will result in a winner-takes-all scenario, unlike other executives in China’s electric vehicle (EV) sector. This contrasts NIO’s William Li’s statement that the auto industry caters to personalized demands.
In an interview with national television broadcaster CCTV aired on January 20, Lei Jun stated, “Smart electric vehicles could be like the home appliances and software industries, where it’s winner-takes-all.” He claimed that companies might eventually fail to survive if they don’t rank in the top five globally. This is why Xiaomi’s board approved a $10 billion investment in the EV sector, he added.
Lei Jun also stressed that since its establishment, the Xiaomi Group has faced fierce competition. While it is entering the highly competitive auto sector, he believes that Xiaomi will ultimately triumph.
Founded in April 2010, Xiaomi announced its entrance into the auto industry in March 2021. Its first model, the SU7, was unveiled in December 2023.
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