The company became a household name selling budget smartphones, but is now staking its reputation on electric vehicles.
Xiaomi founder Lei Jun introduces the SU7 during a launch event in Beijing, March 28, 2024. Credit: Ng Han Guan via AP Photos
When Xiaomi boss Lei Jun took to the stage at the end of March to launch the company’s first electric vehicle, it was the climax of a three-year journey on which he has bet his professional legacy. In March 2021, he had called the Xiaomi EV project his last major professional venture, raising the stakes for the 54-year-old billionaire entrepreneur who built his company’s fortune by selling millions of budget smartphones.
“I have realized that it’s so hard to make a car,” admitted Le
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