Xiaomi Vice President Lin Shiwei: Company to Enter Auto Finance Sector Featuring In-car Payments

Lin Shiwei, the Vice President of Xiaomi, said in an interview with China Entrepreneur Magazine, IT Home reported on Thursday, that the company will enter the auto finance industry.

The industry shows promise to become big business in the future and Xiaomi is looking to get in on the ground floor. Their plan includes offering auto finance, auto insurance, auto supply chain finance, in-car payments and other services.

In addition, Xiaomi appointed Lin Shiwei,the Vice President and CFO of the Group, as CEO of Airstar on October 15 this year. Lin will report to Hong Feng, the Chairman of Airstar. In other corporate movements, Li Xiaoshuang was appointed as the Vice President of Xiaomi Auto, and will be responsible for products, supply chains and markets, and will report to Lei Jun, the founder of Xiaomi.

SEE ALSO: Xiaomi Appoints Li Xiaoshuang as Vice President of Xiaomi Auto

Lin also mentioned that Xiaomi Auto is still in a relatively early stage of its development and now mainly focuses on R&D efforts. The financial department of the new company, however, has been involved in the current business and proactively cooperates with the business development of the auto industry.

Five months after the company’s official announcement of entering the automobile industry, Xiaomi has completed the industrial and commercial registration of its automotive business segment on September 1. Lei also took group photos of himself and 16 other high-ranking members of the automobile manufacturing team, including Lin and Li.

On Xiaomi Investor Day in October this year, Lei revealed that Xiaomi Auto is expected to go into full production in the first half of 2024.