Xiaomi founder Lei Jun says he is inspired by Apple’s Steve Jobs and ready to take on Elon Musk’s Tesla in the EV market
- In an interview with China’s state broadcaster, the entrepreneur says he worries that demand for Xiaomi’s SU7 series will far exceed supply
- Xiaomi’s coming car models took 3,400 engineers and 10 times the average industry cost to develop, Lei says
Lei Jun, founder of Chinese smartphone brand Xiaomi, said he was ready to bring the company’s first electric vehicle to the market, having spent over 10 billion yuan (US$1.4 billion) developing a prototype with a team of 3,400 engineers.
In an interview with China’s state broadcaster aired on Sunday, the entrepreneur said he was inspired by Apple founder Steve Jobs. Lei also said he was confident that the debut vehicles, which cost 10 times the industry average to develop, would be competitive in a crowded market that includes Elon Musk’s Tesla.
Lei said he was concerned about potentially lukewarm reception to Xiaomi’s new cars, but he also worried that if demand proved to be high, the company’s production capacity may be insufficient, leaving some buyers with wait times of one or two years.
It remains to be seen whether Lei can repeat the success he has had in the smartphone market.
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What's behind Xiaomi's meteoric rise?
The billionaire founder launched Xiaomi in 2010 to a highly crowded market filled with established brands. Today, Xiaomi is the world’s third-largest smartphone vendor by shipments, according to research firm IDC.