Midea Chairman Addresses Xiaomi’s Lu Weibing Visit: Reveals Which Appliance Giant—Midea, Gree, or Haier—Faces Market Displacement

CNBC AI News reported on May 19 that during a recent media interview, Midea Group Chairman Paul Fang revealed an intriguing executive-level meeting: Xiaomi’s president Lu Weibing had visited Midea’s headquarters in 2024 to deliver a strategic presentation.

Fang described the presentation as a multi-category roadmap: Xiaomi’s ambitions include becoming the world’s top smartphone vendor within three years, breaking into the top five global electric vehicle manufacturers within a decade, and securing a top-three position in China’s major home appliance market through continuous technological innovation.

When analyzing these plans, Fang admitted: “I almost directly asked him – among Midea, Gree, and Haier – which establishment leader do they specifically plan to displace?”

Fang demonstrated strategic confidence: “While strategic infiltration deserves careful analysis, I remain convinced that traditional ecosystem advantages remain.” He noted that the home appliance industry’s multi-billion-dollar competitive equilibrium could withstand disruptive challenges thanks to hardened supply chains and brand equity built through decades of physical product development.

Despite this confidence, Midea’s corporate strategy team had dedicated significant resources to dissect the challenger’s approach: “We recently completed three comprehensive research reports totaling over 100,000 words. Their performance marketing capabilities particularly remind me of our own 2010s digital transformation journey.”

When addressing sector expansion, Fang confirmed: “Several automotive companies have approached us for manufacturing partnerships, but after extensive internal debate we concluded that automotive vertical integration requires competencies outside our current core.” This admission comes amidst ongoing speculation about potential automotive industry collaborations between appliance giants and emerging EV brands.