Tech advancement can transform industries, foster new sectors, Xiaomi's Lei Jun says

Technological advancement plays a critical role in transforming traditional industries and fostering emerging sectors, and Xiaomi Corp will continue to innovate so as to contribute to China's path to modernization, said Lei Jun, deputy to the 14th National People's Congress, China's top legislature.

Lei, CEO and chairman of Xiaomi Corp, said at the sidelines of the ongoing two sessions on Wednesday that "Over the past 15 years, Xiaomi has deeply understood that technological innovation is the cornerstone of progress."

"Five years ago, we committed to investing heavily in core technologies, setting a goal to spend 100 billion yuan ($13.8 billion) on research and development. Today, we have exceeded that target, investing about 105 billion yuan."

Lei highlighted two major achievements underpinned by Xiaomi's innovation strategy. First, Xiaomi has maintained its position among the top three global smartphone manufacturers for 18 consecutive quarters. Additionally, its smart home internet of things platform, developed in collaboration with partners, now connects over 900 million devices, making it the largest consumer IoT platform globally.

"This reflects the growing global recognition of Chinese technology products and brands," Lei noted.

Second, Xiaomi entered the new energy vehicle (NEV) sector four years ago, launching its first car in March 2024. Despite being a newcomer, Xiaomi delivered 135,000 vehicles within just nine months, earning strong consumer approval. Lei attributed this success to breakthroughs like the Xiaomi Super Motor V8S, the world's highest-performance mass-produced drive motor, entirely self-developed and manufactured by Xiaomi.

Lei also expressed gratitude to Beijing, calling it a "fertile ground" for Xiaomi's growth. He reaffirmed Xiaomi's commitment to innovation and high-end development, stating, "Manufacturing is the foundation of China's strength. As both a builder and beneficiary of this sector, Xiaomi will continue to innovate, integrate cutting-edge AI technologies into our products, and contribute to China's path to modernization while enhancing consumers' lives through technology."