Xiaomi unveils new phone and car, announces big R&D project
Xiaomi CEO Lei Jun revealed a 30-billion-yuan (US$4.2 billion) research and development roadmap in 2025 at a product launch event on Thursday night, challenging Apple and Porsche.
Between 2021 and 2025, Xiaomi will invest 105 billion yuan, 25 percent of which on AI research. Xiaomi is betting on high-end smartphones, new energy vehicles, AI models, and cross-device systems to connect all smart devices.
Qualcomm's 3-nanometer Snapdragon 8 CPU platform, a 6,000mAh battery, and improved photography capabilities that outperform Apple's iPhone 16, notably in night and long-zoom models, make the Xiaomi 15 Ultra, priced at 6,499 yuan, a high-end expansion device.
The Chinese smartphone market landscape in January.
Xiaomi ranked second in the Chinese smartphone market in January with 16.8 percent, behind Huawei's 19.5 percent and ahead of Vivo, OPPO and Apple.
Lei also released Xiaomi's SU7 Ultra electric sedan to compete with Porsche's Taycan Turbo GT. Xiaomi called the new car the fastest four-door sedan in mass production, and it costs from 529,900 yuan, much lower than previous expectation of over 800,000 yuan.
"We want more people to enjoy luxury experience with an affordable price," he said.
China's tech scene is changing, with integrated ecosystems and aggressive pricing challenging luxury benchmarks. Lei momentarily became China's richest person on Thursday with 440 billion yuan, beating Nongfu Spring beverage firm's Founder and Chairperson Zhong Shanshan.
Lei lost the position in the afternoon as Xiaomi's share price fell. Xiaomi's share price rose over 50 percent this year due to rising smartphone sales and electronic vehicle expansion.
Lei Jun, Xiaomi's chief executive, with the new car targeted at high-end market.
