&#34;I am willing to stake my entire reputation to complete the last entrepreneurial project of my life and fight for XIAOMI-W.&#34; When XIAOMI-W announced its decision to enter the car manufacturing industry, Lei Jun shouted this slogan.
On December 28th, with only three days left until the end of 2023, XIAOMI-W (01810) held a car technology conference, where the first product of Lei Jun's final entrepreneurial project, XIAOMI-W, slowly drove onto the stage under the gaze of the audience.
Although it was previously stated that this would be a &#34;technology-only, no product&#34; conference, after 1003 days of preparation, XIAOMI-W's technology, appearance, and interior design were still presented in a progressive manner, making its first appearance since the announcement of its entry into the car manufacturing industry.
In response, Lei Jun said, &#34;After entering the new decade, XIAOMI-W has finally reached its moment of breakthrough after 3 to 4 years of accumulation, learning, and growth.&#34;
From self-research, self-construction, self-production, to 100 &#34;first, only, and most&#34;
Technology remained the key focus of the XIAOMI-W technology conference.
During the conference, Lei Jun spent three hours introducing the progress and breakthroughs of XIAOMI-W's five core technologies to the audience present both on-site and online: electric drive, battery, large-scale die-casting, intelligent driving, and intelligent cockpit. Through in-depth self-research in key areas, XIAOMI-W has achieved numerous global and Chinese firsts in its self-developed technologies, totaling 100 &#34;first, only, and most&#34; achievements.
Among them, the HyperEngine V8s super motor with a speed of 27,200 rpm, XIAOMI-W's self-developed CTB integrated battery, 9,100-ton XIAOMI-W super die-casting, XIAOMI-W titanium alloy, end-to-end perception and decision-making large-scale model, Snapdragon 8295 cockpit chip, and the powerful OS... After each data, the word &#34;industry&#34; follows. These are all the achievements of XIAOMI-W in the past 1000 days.
In the field of industrial hard technology, XIAOMI-W has demonstrated its strong self-developed manufacturing and hard-core technological capabilities. For example, the self-developed and produced HyperEngine V8s super motor by XIAOMI-W has a speed of up to 27,200 rpm, making it the world's first mass-produced motor with such speed, breaking the global motor speed ceiling. In addition, the next-generation XIAOMI-W super motor, which is currently under research, has successfully surpassed 35,000 rpm using innovative laser-wound rotor technology in the laboratory.
In addition, XIAOMI-W has independently developed CTB integrated battery technology and globally debuted the inverted cell technology, achieving the highest battery integration efficiency of 77.8% in the current CTB batteries worldwide. To ensure battery performance and quality from the source, XIAOMI-W has even established its own battery pack factory.
In terms of battery safety, XIAOMI-W has pioneered the inverted cell technology, which rapidly dissipates heat downwards in extreme situations to ensure passenger cabin safety. The battery adopts 17 layers of high-voltage insulation protection and 14 layers of physical protection, combined with unique heat dissipation and insulation design, as well as XIAOMI-W's vehicle-cloud collaborative safety warning system.
Zhitong App has learned that XIAOMI-W has also independently developed the &#34;9100t super-large die-casting cluster&#34; and the self-developed die-casting alloy material &#34;Titanium Alloy&#34;, becoming the only global and domestic automaker that independently develops both large-scale die-casting and die-casting materials. Currently, the industry is focusing on the tonnage of large-scale die-casting locking force, and XIAOMI-W is firmly committed to the path of full-stack self-development, from self-developed materials and equipment cluster systems to finished castings. XIAOMI-W has completed almost all aspects of the full-stack self-development in the large-scale die-casting industry chain.
In the field of intelligent software technology, XIAOMI-W is promoting the integration of the automotive industry with the consumer electronics industry and the intelligent ecosystem. For example, based on XIAOMI-W's powerful OS, XIAOMI-W's intelligent cockpit has achieved bottom-level reconstruction to evolve the car and create an advanced intelligent mobile space. In the field of intelligent driving, XIAOMI-W has industry-first technologies such as adaptive zooming BEV technology, road macro models, and super-resolution occupied network technology. With top-level configuration and full-stack self-development, XIAOMI-W's intelligent autonomous driving will join the industry's top tier by 2024.
In addition, AI empowerment has become a new highlight of XIAOMI-W's integration of cutting-edge technology and breakthrough in hardcore innovation. For example, in addition to the industry-first road macro model, XIAOMI-W has also independently developed the world's first &#34;end-to-end perception and decision-making macro model&#34; that can be mass-produced for the valet parking scenario in intelligent driving. It can observe in real-time and dynamically adjust the parking in high-difficulty parking spaces such as mechanical garages. Furthermore, in the process of developing XIAOMI-W's Titanium Alloy, XIAOMI-W has also independently developed a multi-material performance A simulation system, selecting the optimal alloy formula that balances strength, toughness, and stability from 10.16 million possible combinations.
Price becomes the biggest concern in the market.
The XIAOMI-W model released this time is XIAOMI-W's first vehicle, positioned as a &#34;C-class high-performance eco-technology sedan&#34;, and it is the successful implementation of XIAOMI-W's five core self-developed technologies.
According to the introduction, XIAOMI-W is positioned as a C-class high-performance eco-technology sedan, with a length of 4997mm, a wheelbase of 3000mm, a width of 1963mm, and a height of 1440mm, claiming to present the golden ratio of wheelbase ratio, wheel height ratio, and width-height ratio.
Among them, XIAOMI-W has achieved the lowest drag coefficient of 0.195 among mass-produced cars worldwide, with a maximum horsepower of 673PS, peak power of 495kW, peak torque of 838Nm, and the high-end version can accelerate from 0 to 100 km/h in just 2.78 seconds, with a top speed of 265 km/h and a CLTC range of 800 km.
According to Zhitong App, in terms of batteries, the battery pack has a volume efficiency of 77.8% and can support a maximum capacity of 150 kWh. Due to the use of 17 layers of high-voltage insulation protection and 14 layers of physical protection, combined with unique heat dissipation and insulation design, and thanks to an efficient thermal management system, XIAOMI-W aspires to become the &#34;winter range king&#34; of electric vehicles.
In terms of intelligent cockpit, XIAOMI-W is equipped with the Snapdragon 8295 cockpit chip, with 5 screens throughout the vehicle, and the rear expandable screen can be directly connected to a tablet. With XIAOMI-W's powerful OS, seamless cross-device connection between the phone and the car can be achieved. It is worth mentioning that XIAOMI-W has achieved comprehensive sharing ecology from hardware to software. It supports more than 1,000 types of Mi Home devices to seamlessly connect to the car, with standardized interfaces and rich standard protocols, and is fully open to third parties. The car system is compatible with mainstream in-car applications and can share apps with tablets and smartphones, with phone apps able to be pinned as native car apps.
As for the price that the market is concerned about, this press conference has left the audience with the biggest suspense. Regarding the &#34;tough nut to crack&#34; C-segment car market chosen by XIAOMI-W, Lei Jun denied the possibility of pricing XIAOMI-W at 99,000 yuan or 149,000 yuan during the press conference. Instead, he emphasized that XIAOMI-W's price is indeed a bit high, but it will definitely make people feel that it is &#34;expensive for a reason&#34; and will exceed everyone's expectations in terms of experience.
Looking back at XIAOMI-W's past pricing models, cost-effectiveness has always been its foundation, from &#34;the first phone for young people&#34; to &#34;the first TV for young people&#34; and &#34;the first two-wheeled balance car for young people&#34;, it has deeply occupied consumers' minds.
From the mainstream market perspective, most institutions predict that XIAOMI-W's price will be between 200,000 and 300,000 yuan. For example, Citigroup estimates that the price of XIAOMI-W will be between 200,000 and 300,000 yuan per vehicle.
Guojin Securities believes that the positioning of the new MI car SU7 is a large-sized pure electric coupe, designed to compete with the Model 3, but compared to competitors such as P7i/Model 3/ZhiJie S7/Han EV, the new car's price may be lower, with an expected starting price below 200,000 yuan and an overall price range of 200,000 to 300,000 yuan. In addition, the vehicle's body size (4997mm in length) and wheelbase (3000mm) are larger, which is in line with XIAOMI-W's consistent pricing style.
In addition, according to analyst Jin Rong from Huaxin Securities, XIAOMI-W's main competitors are B-C segment pure electric sedans in the 200,000 to 300,000 yuan range, and the market is still in a high-growth state. By referring to the sales of major competitors such as ZhiJie S7, Model 3, Xiaopeng P7, and Zeeker001, and combining XIAOMI-W's core advantages,
There are high expectations for the performance of XIAOMI-W after its listing.
Multiple major banks evaluate XIAOMI-W's entry into the automotive industry.
Now, more than 1,000 days have passed since Lei Jun announced XIAOMI-W's entry into the automotive industry on the evening of March 30, 2021. According to XIAOMI-W's investment plan, an initial investment of 10 billion RMB will be made in the automotive sector alone, with a total investment of 10 billion USD over the next ten years.
Behind this plan is XIAOMI-W's confidence in its cash reserves. At the beginning of 2021, XIAOMI-W's cash reserves reached 108 billion RMB. It is worth noting that among A-share listed companies, at the end of 2020, there were only 14 companies with cash and cash equivalents exceeding 10 billion RMB, excluding financial companies, and most of them were large-cap stocks.
Regarding XIAOMI-W's release of automotive technology, multiple major banks have also expressed their respective views. Among them, Nomura released a report maintaining a &#34;neutral&#34; rating for XIAOMI-W Group, with a target price raised from 16 RMB to 18.6 RMB, reflecting the initial electric vehicle business. Within the coverage of this bank, XIAOMI-W is the best-performing stock related to smartphones this year, with a 49% increase in stock price year-to-date, while the Hang Seng Index has declined by 16% during the same period.
Nomura believes that although some investors may be concerned about XIAOMI-W's profitability next year, the bank believes that there are four key points worth paying attention to: XIAOMI-W's market share in the smartphone industry; XIAOMI-W's market share in the electric vehicle industry; the synergy between core business and electric vehicle business; and the market sentiment of the electric vehicle market. According to the bank's forecast, the market value of XIAOMI-W's core business is approximately 370 billion RMB, and the electric vehicle business may increase by an additional 50 billion to 125 billion RMB between 2024 and 2025 based on its market share and valuation elasticity.
Morgan Stanley believes that XIAOMI-W's release of its first electric vehicle, the SU7, does not take shortcuts in new car development or produce bizarre products using existing mature platforms and technology. Instead, it uses its own platform and technology developed in-house or in collaboration with industry-leading suppliers.
Among them, XIAOMI-W's electric vehicle engine uses the industry's fastest 27,200 RPM, the industry's first inverted battery and body integration technology to improve safety, China's first 9,100-ton large-scale die-casting machine, and XIAOMI-W's self-developed alloy, as well as the industry's first end-to-end perception and decision-making model for autonomous driving. Therefore, the bank believes that innovative technology is an important differentiating factor for XIAOMI-W's electric vehicles compared to its peers.
In addition, UBS has released a research report pointing out that XIAOMI-W unveiled its first models, the SU7 and SU7 Max, at the automotive technology launch event, as well as the group's basic electric vehicle technology. XIAOMI-W stated that in terms of performance specifications, the SU7 Max outperforms the Porsche Taycan and Tesla Model S, but the pricing has yet to be determined. **The bank predicts that smart electric vehicles are expected to go on sale in the third quarter of next year, with sales expected to reach 30,000 units next year.
The bank stated that considering the performance comparison of cars and the cost of batteries, it is believed that the price of the SU7 model may fall within the range of the Porsche Taycan and Tesla Model S, which are sold in China for RMB 1.5 million and RMB 700,000, respectively. In terms of manufacturing, XIAOMI-W has stated that it has already started small-scale production, but it has not yet determined whether the initial models will be self-manufactured or outsourced to third parties. In the long run, the bank believes that the group's goal is to produce the majority of smart electric vehicles internally in Beijing.
By the end of 2023, XIAOMI-W, as the flagship new car, officially joined the &#34;China Automobile&#34; family.
As Lei Jun mentioned at the press conference, &#34;No matter how grand the narrative of our era is, no matter how much responsibility and commitment you have, everyone has a surging dream and an infinite longing for freedom in their hearts.&#34; Now, Lei Jun's car-making dream, which he started pursuing in 2021, is gradually becoming a reality.
For XIAOMI-W Group, this is a significant leap from the mobile phone industry to the automotive industry, and it is also a crucial leap towards a complete closed-loop ecosystem for people, cars, and homes. In other words, XIAOMI-W is the brand new beginning of XIAOMI-W Group.
Regarding this, Lei Jun may have made a grand ambition: &#34;I believe that one day, our XIAOMI-W will be seen on every road in the world. Starting from the core technology at the bottom, we will sincerely build a good car. Our goal is to become one of the top five global automakers through 15 to 20 years of hard work and strive for the comprehensive rise of China's automobile industry.&#34;

01810

XIAOMI-W showcased its self-developed hard technology capabilities at the automotive technology conference, including breakthroughs in various technologies such as the HyperEngine V8s super motor, XIAOMI-W's self-developed CTB integrated battery, and XIAOMI-W's super large die-casting. These technologies have achieved numerous "first, only, and most" achievements globally and in China. XIAOMI-W announced its entry into the automotive industry, and this conference marks the debut of its first model, XIAOMI-W. XIAOMI-W's car manufacturing plan is Lei Jun's final entrepreneurial project, signifying XIAOMI-W's entry into a new decade.

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