Xiaomi boss Lei Jun revealed his fears when he had to compete in the electric car market. He is worried that Xiaomi’s first electric car will not sell well on the market.

This is because Xiaomi has invested 10 billion Yuan or around IDR 21.7 trillion for their first electric car, the Xiaomi SU7

He has also recruited 3,400 people so that Xiaomi can make electric cars. The massive investment is focused on a Xiaomi electric car factory in Shenzhen, China.

“What I’m worried about is that the car is not popular and no one wants to buy it,” said Lei Jun in an interview with CCTV, Wednesday (27/12/2023).

Lei Jun further admitted that production problems were also a big concern. The very long waiting time for car production and distribution will be detrimental for Xiaomi.

Moreover, the cost of producing electric cars is very large compared to making electronic equipment. Even greater than the cost of making a conventional car.

“I’m worried that if consumers need to wait up to a year for their cars, our reputation will be hurt,” said Lei Jun worriedly.

However, Lei Jun admits that he is very enthusiastic about selling electric cars. He even believes that Xiaomi’s electric car can compete with Tesla.

According to him, Xiaomi electric cars have many opportunities because the automotive market in China is very tempting. It is recorded that the bamboo curtain country has sold 8.05 million units of electric cars throughout January-November 2023.