Midea

CNBC AI News reported on May 19 that Midea Group Chairman Paul Fang revealed Xiaomi’s 2024 strategic presentation during a leadership meeting, outlining three key goals: becoming the world’s top smartphone vendor within three years, entering the global EV top five within a decade, and securing a top-three position in China’s home appliance market. Fang questioned whether Xiaomi aimed to displace established players like Midea, Gree, or Haier, but emphasized traditional manufacturers’ enduring advantages in supply chains and brand equity. Despite skepticism, Midea’s strategy team analyzed 100,000+ words of Xiaomi research, acknowledging parallels with their own 2010s digital transformation, though confirmed no automotive manufacturing partnerships despite industry speculation.

**Midea Chairman’s Strategic Assessment of Xiaomi’s Ambitions**
In a *LatePost* interview, Midea Chairman Fang Hongbo analyzed Xiaomi’s aggressive growth strategy, targeting global smartphone leadership in 3 years, Top 5 automotive status in 10 years, and domestic appliance dominance by 2025. Highlighting tensions between industry incumbents and disruptors, Fang noted Xiaomi’s multi-front appliance expansion as both a threat and catalyst for innovation. Midea has compiled 100,000-word reports studying Xiaomi’s business model while focusing on irreplicable capabilities. As Xiaomi accelerates production at its Wuhan smart appliance complex—achieved 30 days early—the clash between traditional scale and tech-driven agility intensifies, with experts debating whether Xiaomi’s cross-sector integration will redefine or destabilize China’s $400 billion home appliance market.