Xiaomi CEO Lei Jun didn't mention what the crisis event was, and he is expected to elaborate in a presentation this Friday.

Xiaomi's (HKG: 1810, OTCMKTS: XIACY) CEO hinted that the Chinese smartphone giant's decision to jump on the car-making bandwagon stemmed from a crisis event, after the company saw strong acceptance of its first electric vehicle (EV) model, the SU7.

"As many of you may know, Xiaomi's car-making originated from a special crisis event," Lei Jun, Xiaomi's founder, chairman and CEO, wrote in Chinese on Weibo today.

He did not mention what the crisis is, and the expression "many of you may know" is confusing. He is expected to elaborate in a speech this Friday.

Lei will give his fifth annual speech on July 19, starting at 7 pm Beijing time, and will share the story of Xiaomi's decision to enter the car-making space and how it has unfolded over the past three years.

"Looking back at the three-plus years of car building, my biggest realization is that no matter what crisis comes your way, don't let fear stop you from winning," he said on Weibo.

Separately, in a brief report today, iFeng.com cited sources close to Xiaomi as saying Lei is expected to unveil a new Xiaomi EV product at his annual presentation.

On July 9, local media outlet 21jingji reported that the second model of Xiaomi EV will be an all-electric SUV, which is expected to be launched in the first half of 2025, and the third model will be an extended-range electric vehicle (EREV) and SUV, which will go on sale in 2026.

On March 30, 2021, Xiaomi made an announcement on the Hong Kong Stock Exchange that it planned to set up a wholly-owned subsidiary to take charge of its smart EV business, marking its formal announcement of its entry into car-making.

On December 28, 2023, Xiaomi unveiled its first EV model, the SU7, an electric sedan that looks like a Porsche, at its first EV technology launch.

Lei unveiled ambitious goals at the start of that launch event, saying Xiaomi wanted to become one of the top five car companies in the world in 15-20 years.

On March 28, the Xiaomi SU7 was officially launched, offering three variants -- standard, Pro, and Max -- with starting prices of RMB 215,900 ($29,700), RMB 245,900, and RMB 299,900 respectively.

The model quickly became a huge success after its launch, with Xiaomi claiming that it received 88,898 orders for the model 24 hours after its launch.

On May 23, Xiaomi management said in an earnings call that the Xiaomi EV would deliver at least 100,000 units throughout 2024 and will challenge the 120,000-unit delivery target.

On July 12, Xiaomi re-filed for the SU7, with the manufacturer changing from BAIC to Xiaomi itself, meaning it gained independent qualification to build cars, one of the very few companies to do so in the past few years.

In June 2024, Xiaomi's only current model, the SU7, delivered over 10,000 units, Xiaomi EV announced on Weibo earlier this month, without revealing specific numbers.

In July, Xiaomi SU7 deliveries will still exceed 10,000 units, Xiaomi EV previously said.

($1 = RMB 7.2661)

Xiaomi EV's 3rd model to be EREV, set to hit market in 2026, report says