Lei Jun

While Tesla made cars mobile computing terminals, the automotive industry's new mission now is to create mobile smart spaces, and that's what Xiaomi's car-making is coming for.

Xiaomi's EV unit will use proven technology, as well as invest ten times more than the industry, to ensure success, according to Lei Jun.

The only way for Xiaomi's EV unit to succeed is to be one of the top 5 and ship more than 10 million cars annually, said Lei Jun.

For local governments, attracting a car company to their area would certainly give a significant boost to the local economy, especially if the company is also China's largest smartphone maker.

Given that Xiaomi just announced its entry into the car-making industry three days ago, this gathering of the leaders of China's most prominent new energy vehicle companies has quickly generated widespread interest among Chinese Internet users.

"This is the last major venture of my life. I am willing to bet my entire reputation in life to personally lead the team for Xiaomi cars."