On September 24, Xiaomi Chairman and CEO Lei Jun released a video to promote his upcoming annual speech.

"In recent years, we've been making smartphones, manufacturing cars, and developing a major chip. Can Xiaomi handle all of this?"

Lei Jun explained, "Please don't misunderstand - I'm not doing all these things alone. We have extremely talented and professional teams for each business. Moreover, smartphones, automobiles, and chips are actually interconnected. These businesses can create synergies, promote each other, and progress together."

"Currently, all these initiatives seem to be progressing well. Are there any experiences or secrets behind this?"

Lei Jun reflected that Xiaomi has been truly fortunate, as the progress of these projects has been smoother than expected. "We've actually conducted numerous internal post-mortem reviews, and I believe there are quite a few valuable experiences from this. Today, let me share one key point: many people don't know how to conduct proper post-mortem reviews, but doing them well is a very important experience."

"Both automotive and chip development are capital-intensive. How did you dare to pursue chip manufacturing and car manufacturing simultaneously?"

Lei Jun mentioned that Xiaomi committed 100 billion yuan upfront, which was almost all the cash on their books at the time. "We were under significant pressure. All our internal departments worked together with determination, tightening our belts to live frugally. We jokingly said we needed to support two 'children' - automotive and chips - through 'college,' so everyone had to work together."

"Benchmarking against Apple, Porsche, and Tesla - no matter what you do, do you always need to benchmark against someone?"

Lei Jun candidly stated that these companies are world leaders in their respective fields, and having the courage to benchmark against world leaders is itself a form of courage. He believes that only by benchmarking against the best and learning from the best can one ultimately surpass the best.