logo
Economic Watch: Xiaomi powers EV growth through smart manufacturing

Economic Watch: Xiaomi powers EV growth through smart manufacturing

The Star5 hours ago

BEIJING, June 16 (Xinhua) -- Inside a workshop at Chinese tech giant Xiaomi's electric vehicle (EV) factory, the scene is a stark contrast to what one might expect to see on a factory floor.
With few workers in sight, robotic arms move with precision and speed, seamlessly assembling vehicle body components. Autonomous Mobile Robots (AMRs) glide across the floor, efficiently transporting materials to their designated stations.
Xiaomi entered the EV market in 2021, setting up a state-of-the-art factory spanning some 720,000 square meters in the Beijing Economic-Technological Development Area, also known as Beijing E-Town -- a key innovation hub for China's autonomous driving industry. The market newcomer unveiled its SU7 model in March 2024.
Every 76 seconds, a new Xiaomi vehicle rolls off the production line at the factory, with over 700 robots operating around the clock to enable the full automation of key processes such as large-scale die casting.
The factory embodies Xiaomi's vision for smart manufacturing, in which intelligent machines take the lead and automation fuels both quality and efficiency.
To Lei Jun, founder and chairman of Xiaomi, the importance of sustained investment in innovation is self-evident.
"Upholding our unwavering principle of 'technology as the foundation,' Xiaomi has invested over 100 billion yuan (about 13.93 billion U.S. dollars) in R&D over the past five years, making significant strides in many core capabilities. In the next five years, we plan to invest another 200 billion yuan to pursue new heights in global next-generation hard tech," Lei said.
"Over the past five years, we have steadfastly pursued our high-end strategy," Lei noted, adding that amid intense competition in the auto market, Xiaomi remains committed to long-term thinking -- strengthening its core competitiveness, meeting diverse consumer demands, and advancing up the value chain in close collaboration with industry partners in an expansive, fast-evolving market.
Since March 2024, Xiaomi has delivered over 250,000 vehicles, quickly emerging as a key player in China's rapidly growing new energy vehicle market by leveraging advanced smart manufacturing and a favorable policy environment to fuel its rapid ascent.
"Xiaomi owes its growth and success to the fertile ground for innovation that Beijing provides," Lei said. "Supportive 'soft' environments and robust 'hard' policies have nurtured a group of innovative companies like Xiaomi, enabling them to forge ahead on new development tracks."
Data shows that Beijing's R&D intensity -- measured as the ratio of total R&D spending to GDP -- has remained above 6 percent for six consecutive years, reflecting the city's strong commitment to innovation. This dedication is also recognized globally: according to a report released earlier this year, Beijing ranks among the world's top 10 innovation cities.
The report, published in January, was compiled by the Shenzhen International Science and Technology Information Center, the Center for Industrial Development and Environmental Governance of Tsinghua University, and research publishing and information analytics company Elsevier.
"Manufacturing is the foundation of our nation and the cornerstone of a strong country. As both a contributor to and a beneficiary of China's manufacturing development, we aim not only to bring the benefits of technology to consumers, but also to continue advancing on the path of innovation," Lei noted.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Italy's inflation decreases to 1.6 pct in May
Italy's inflation decreases to 1.6 pct in May

The Star

time42 minutes ago

  • The Star

Italy's inflation decreases to 1.6 pct in May

ROME, June 16 (Xinhua) -- Italy's annual inflation rate stood at 1.6 percent in May, lower than 1.9 percent in both March and April, according to data released Monday by the National Statistics Institute (ISTAT). The agency reported that the country's core inflation rate, which excludes energy costs and fresh food prices, fell to 1.9 percent in May, down from 2.1 percent in April. ISTAT said the slowing growth of energy prices, although still mostly higher than a year earlier, was a key factor behind the decline in May's overall inflation rate. Inflation in both Italy and the broader eurozone has fallen sharply from the record highs of 2022 and early 2023, which were driven by soaring energy prices following the outbreak of the Russia-Ukraine conflict.

Pakistan to uplift IT sector to boost economic growth, foreign exchange
Pakistan to uplift IT sector to boost economic growth, foreign exchange

The Star

time3 hours ago

  • The Star

Pakistan to uplift IT sector to boost economic growth, foreign exchange

ISLAMABAD, June 16 (Xinhua) -- Pakistani Prime Minister Shehbaz Sharif said on Monday that his country has been making prudent policies to uplift the information technology (IT) sector to boost economic growth and generate foreign exchange. "A sustainable and advanced information communication technology system is being established to position Pakistan as a central hub for the IT sector in the region," the prime minister said while chairing a meeting on IT. In this regard, he said that local companies will be provided with a skilled workforce to enable them to meet international standards and generate foreign exchange, adding that steps are being taken to formulate modern training programs for youth and establish a training ecosystem in the country. Calling young workforce a valuable asset for Pakistan, Sharif said that information technology training was being provided in schools, colleges, and universities, besides ensuring IT training in summer camps during the ongoing summer vacations. During the ongoing summer vacations, over 146,000 students will receive IT training and 2,000 students will be trained in advanced IT courses to become employable. Through collaboration with international partners, he said efforts were underway to provide IT training to an additional 80,000 students in major cities, and through online classes in remote areas of the country.

Credit scores decline for millions as U.S. student loan collections restart
Credit scores decline for millions as U.S. student loan collections restart

The Star

time3 hours ago

  • The Star

Credit scores decline for millions as U.S. student loan collections restart

NEW YORK, June 16 (Xinhua) -- Millions of Americans are seeing their credit scores suffer now that the U.S. government has resumed referring missed student loan payments for debt collection, reported The Associated Press on Monday. After 90 days of non-payment, student loan servicers report delinquent, or past-due, accounts to major credit bureaus, which use the information to recalculate the borrower's score. Falling behind on loan payments therefore can affect an individual's credit rating as severely as filing for personal bankruptcy. "A lower credit score makes it harder or more expensive to obtain car loans, mortgages, credit cards, auto insurance and other financial services at a time when inflation, high interest rates, and layoffs have strained the resources of some consumers," noted the report. The Federal Reserve Bank of New York reported that in the first three months of 2025, 2.2 million student loan recipients saw their scores drop by 100 points, and an additional 1 million had drops of 150 points or more. Declines that steep may mean the difference between a manageable credit card interest rate and an unmanageable one, or approval or rejection of an application to rent an apartment, it added. The U.S. Department of Education paused federal student loan payments in March 2020, offering borrowers relief during the economic chaos of the coronavirus pandemic. Though payments technically resumed in 2023, the Biden administration provided a one-year grace period that ended in October 2024. Last month, the Trump administration restarted the collection process for outstanding student loans, with plans to seize wages and tax refunds if the loans continue to go unpaid.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store