Xiaomi CFO Shou Zi Chew: Willing to sacrifice profit to develop electric vehicles, prioritizing scale

Xiaomi Group CFO Shewei Lin stated in an interview that at the current stage, the company is willing to sacrifice profits to develop its nascent electric vehicle business. Xiaomi's goal is to become one of the world's largest automakers in the next one to two decades, on par with companies like Tesla and BYD. "Currently, we are more focused on development rather than profitability. We believe that scale will bring profits in the future. At the moment, we only have one car, and profitability is still far away from us. We need to continue investing in this business," Shewei Lin said. He added that Xiaomi had previously entered the forefront of the global mobile industry with the concept of cost-effectiveness, and this concept will also apply to the company's electric vehicles