If the technology sector had a "success story" script, Lei Jun would undoubtedly be its protagonist. From the viral "Are you OK?" meme to Xiaomi's current position as the world's third most valuable automaker, surpassing BYD, the CEO has demonstrated the power of full commitment. This achievement represents more than automotive success—it marks the completion of Xiaomi's "Human x Car x Home" ecosystem strategy and a disruptive revolution against traditional automakers.
The Meteoric Rise: Xiaomi's Automotive Ambition
By the end of 2025, Xiaomi Group achieved a market capitalization of $131.4 billion, ranking third globally among automakers—trailing only Tesla and Toyota while outpacing BYD. This milestone validates Lei Jun's all-in bet on vehicle manufacturing and signals a seismic shift in the global automotive landscape.
When Xiaomi announced its automotive ambitions in 2021, few predicted its rapid ascent. Within just four years, the company joined the global top three—a feat industry analysts describe as unprecedented. The SU7 and YU7 models have driven this success, with cumulative sales exceeding 500,000 units since their April 2024 launch. The company delivered 410,000 vehicles in 2025 alone, targeting 550,000 for 2026. These figures reflect growing consumer confidence in Xiaomi's brand and its smart vehicle concept.
The New Automotive Hierarchy: Traditional Players Under Pressure
The 2025 global automaker rankings reveal a "big four" dominance: Tesla, Toyota, Xiaomi, and BYD lead the pack. While legacy brands like BMW, Mercedes-Benz, and Volkswagen showed modest recovery, they struggle to match the momentum of tech-driven newcomers. Porsche's surprising exit from the top ten underscores how premium brands must now compete on technological innovation rather than heritage alone.
Meanwhile, India's Maruti Suzuki cracked the top ten, signaling emerging markets' growing influence. The industry has transitioned from expansion competition to market share battles, with electrification accelerating structural changes. As tech companies redefine industry boundaries, ecosystem capabilities—rather than standalone products—increasingly determine corporate valuations.
The Ecosystem Play: Xiaomi's Strategic Masterstroke
In July 2025, marking Xiaomi's 15th anniversary, Lei Jun officially announced the completion of its "Human x Car x Home" ecosystem strategy. This framework integrates three growth engines—smartphones, vehicles, and home appliances—into a seamless digital experience.
At December's ecosystem partner conference, President Lu Weibing elaborated on the strategy's three core scenarios: personal devices, mobility solutions, and smart home products. The infrastructure already supports impressive scale: 742 million monthly active users globally, over 1.04 billion connected IoT devices, 15,000 hardware partners, 1.2 million developers, and 1.1 billion monthly domestic app distributions.
Mobility represents the ecosystem's critical link. Xiaomi's automotive division unveiled its CarIoT open platform roadmap, targeting full vehicle gateway openness by 2027. Early partners include BYD and GAC Toyota—evidence that Xiaomi is transitioning from a closed system to an open architecture, sharing smart connectivity solutions across the industry.
Beyond Vehicles: Building Digital Infrastructure
Xiaomi's ultimate ambition extends far beyond automotive manufacturing. The company is constructing adaptable, compatible digital infrastructure—transforming cross-device user experiences into long-term hardware loyalty and service advantages. This evolution positions Xiaomi as a comprehensive digital lifestyle provider rather than merely a hardware company.
As 2026 approaches, competition in the EV sector shifts from vehicle performance to ecosystem strength. While third-place market capitalization grants Xiaomi a seat at the industry's top table, converting valuation growth into sustained quality recognition and profitability remains its next critical challenge. Whether Lei Jun and Xiaomi can repeat their automotive miracle bears watching as this tech-driven transformation continues unfolding.