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Fortune

Lionel Lim

Xiaomi CEO Lei Jun predicts his company's expensive EV bet could soon start making money

Xiaomi Lei Jun China

(Credit: Adek Berry—AFP via Getty Images)

When Xiaomi unveiled its electric car to much fanfare in late 2023, CEO Lei Jun called the project his last entrepreneurial endeavor.

Fifteen months later, Lei’s bet now seems like it might pay off. At a Tuesday event in Beijing, the Xiaomi CEO suggested that the company’s EV business could be profitable by the second half of the year. A Xiaomi spokesperson confirmed the comments to Fortune.

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