Xiaomi is one of the world’s most popular smartphone brands. But the company has also been trying to crack the high-end market.
Lei Jun, founder and CEO of Xiaomi, recently revealed that he bought three Tesla Model Ys earlier this year. But the purchase was not made for driving, rather to dismantle them piece by piece. But why? It was done in a bid to decode the engineering secrets behind Elon Musk’s bestselling electric SUV. Lei and his team meticulously studied every component.
Lei Jun on Tesla
Speaking to a packed audience at the Beijing National Convention Center this week, Jun revealed that the teardown was central to developing Xiaomi’s upcoming rival, the YU7 SUV. “We bought three Model Ys at the start of this year, disassembling the parts one by one, and studied every component, one at a time,” Lei told attendees.
What happened next?
The exhaustive analysis of Tesla paid off as Xiaomi’s YU7 racked up over 240,000 preorders within 24 hours of launching in June. Although Lei described the Model Y as ‘very, very outstanding’.
Lei Jun’s net worth
Lei Jun is a billionaire. The 55-year-old has a net worth of USD 35.1 billion, as per Forbes. His Xiaomi is one of the world’s most popular smartphone brands. But the company has also been trying to crack the high-end market, making inroads in the electric vehicle market as well. Lei first announced his EV ambition in 2021. So far, Xiaomi has launched the SU7 electric sedan and the YU7 electric SUV. Both models are known for their affordable prices and stylish design.
Big challenge to Elon Musk?
The dismantling strategy underscores the brutal competition Tesla faces in its second-largest market. Sales of Tesla in China slipped 4 per cent in August to 83,200 vehicles, due to local players like Xiaomi, Xpeng, and Nio undercutting on price, ET reported.
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