The CEO of up-and-coming Chinese electric vehicle manufacturer Xiaomi has shown that competition in business doesn't have to be adversarial, according to Business Insider.
Xiaomi CEO Lei Jun wanted to tear down his rival Tesla — but in a far more literal sense than you might expect.
Already a popular electronics manufacturer, Xiaomi has made a showstopping debut in the once sparsely populated electric vehicle market.
Xiaomi shipped its very first EV just 15 months ago. In the intervening months, the Chinese EV maker delivered an ambitious 300,000 vehicles and aims to get to 350,000 by the end of the year.
The brand's vaunted YU7 SUV garnered rave reviews and positive comparisons to Tesla's Model Y, albeit with a lower price tag. Sales of the YU7 in China increased as Model Y sales waned, and the company reportedly sought to ultimately outsell its competitor.
What's remarkable about Xiaomi's incursion into Tesla's apparent pole position is that Lei didn't hesitate for a second to give his competitor its flowers during a recent speech in Beijing.
During his annual speech, Lei recounted Xiaomi's purchase of three Tesla Model Ys, which the brand meticulously analyzed.
"We bought 3 Model Ys at the start of this year, disassembling the parts one by one, and studied every component, one at a time," Lei explained, per Business Insider.
Tesla remains Xiaomi's competition, and Lei didn't lose sight of that, emphasizing the model's relative performance and price point compared to the Model Y.
Lei's remarks and view of the EV space, in which competition and shared advances are welcome, seemed to be an excellent signal for EV adoption as model options widen and prices drop.
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Another appealing aspect of Lei's remarks was how he framed a broader EV field and strong competition between established and new brands, as well as offering his perspective on both the Tesla brand and its Model Y.
"If you don't choose YU7, you can consider Model Y. The Model Y is a very, very outstanding car," Lei told the audience, per Tesla North.
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