The development of Xiaomi's (1810) first car involved 3,400 engineers with total research and development investment exceeding 10 billion yuan (HK$10.9 billion), said chairman Lei Jun.
Lei mentioned that the R&D investment is approximately 10 times the regular R&D expense in the market, highlighting Xiaomi's 10-year objective of substantial investment in fundamental core technologies with the aim of emerging as the next generation's global leader in hardcore technology.
However, Lei expressed concerns about the possibility that the product may not gain immediate popularity, resulting in low sales.
Furthermore, he worried that if there is a surge in demand and customers have to wait for several years to get the car, it could lead to substantial criticism.
Recently, on-site photos of Xiaomi's inaugural model, the SU7, have emerged on the internet, allegedly leaked by the media.
Xiaomi's car division identified the leak source and will pursue accountability based on the signed confidentiality commitment letter, with the reported amount in the agreement being 3 million yuan.
Meanwhile, Alibaba's (9988) founder Jack Ma Yun officially launched the 1.8 Meters brand yesterday, with the aim of expanding his business into the realms of smart agriculture and fisheries.
