XIAOMI(HK:01810) Zhong Guo Qi Che Bao Wang·2025-09-26 01:31Core Insights - Xiaomi's founder Lei Jun emphasized the theme of "change" during the annual speech, highlighting the stories behind Xiaomi's chip development and automotive ventures, which have garnered significant public attention [2] - The company has faced substantial challenges in its automotive journey over the past four years, with Lei Jun indicating that every step has been driven by immense pressure and the need for transformation since 2020 [2][3] - Xiaomi has identified two new strategic areas: chip manufacturing and automotive production, with a commitment to invest 100 billion RMB initially and a total of 10 billion USD over ten years in the automotive sector [3] Automotive Development - Xiaomi officially announced its entry into the automotive market in March 2021, with plans to develop the SU7 Ultra, aiming to compete with luxury brands like Porsche and Tesla [3] - The SU7 project faced initial setbacks, leading to the temporary cancellation of the Ultra project, but later breakthroughs allowed for its revival [3][4] - The first model, the Xiaomi SU7, was launched in March 2024, priced at 215,900 RMB, followed by the SU7 Ultra in February 2025 and the YU7 in June 2025 [4] Sales Performance - From January to August 2025, Xiaomi's automotive sales reached 224,800 units, achieving approximately 64% of the annual target of 350,000 units [4] - The YU7 model has seen significant success, with over 40,000 units delivered since its launch on July 6, 2025 [4] Challenges and Controversies - Despite the sales success, Xiaomi's automotive venture has faced controversies, including a fatal accident involving its autonomous driving system, which has raised public scrutiny [8] - The company announced a recall of 116,900 units of the SU7 standard version due to safety concerns with the driver assistance system, representing 30% of the total sold units [8] - Previous recalls were also noted, indicating the complexities and challenges inherent in the automotive industry, where opportunities and risks coexist [8]