He was called China’s answer to Steve Jobs for taking Xiaomi from scrappy startup to an electronics giant known for its smartphones.
During Thursday’s two-hour event – a livestream millions of Chinese tuned in to watch – Lei made a jibe at Apple for dropping its car project and declared Xiaomi’s EV superior to Tesla’s Model 3. “One person equals an entire marketing team,” Zhang said. “With every word he says, the attention he attracts online is of a different magnitude.”
In 2021, Lei announced Xiaomi would build its own EV, an undertaking he said then would be “the last major entrepreneurship project” of his life. Xiaomi, which plans to sell the SU7 only in China for now, did not immediately respond to a request for comment. Analysts remain split on whether Lei’s project will go beyond creating buzz to make money in a hyper-competitive EV market. “The risk is that they focus too much on the EV space and lose focus on the sectors and products that got them there,” said Tu Le, founder of consultancy Sino Auto Insights.
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