Xiaomi VP Lin Shiwei Says Company Will Enter Car Finance Business With In-Car Payments

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

The industry promises to be a big business in the future and Xiaomi tries to enter on the ground floor. Their plan includes offering auto finance, auto insurance, auto supply chain finance, drive-through payments, and other services.

Moreover, Xiaomi appointed Lin Shiwei, the group’s vice president and chief financial officer, as Airstar’s CEO on October 15 this year. Lin will report to Hong Feng, Airstar’s chairman. In other corporate moves, Li Xiaoshuang was appointed 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 Vice President of Xiaomi Auto

Lin also mentioned that Xiaomi Auto is still at a relatively early stage of development and is now primarily focused on R&D efforts. The finance department of the new company, however, has been involved in day-to-day business and proactively cooperates with the business development of the automotive industry.

Five months after the official announcement of the company’s entry into the automotive industry, Xiaomi 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 auto manufacturing team, including Lin and Li.

About 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.