According to Jin10, Xiaomi founder, chairman, and CEO Lei Jun said in a recent joint interview that China’s automotive industry has a relatively clear path toward higher-end development, but the domestic high-end auto market is currently short of strong products and the luxury car market is facing restructuring. Lei said China had already achieved domestic substitution for most parts products 10 or even 20 years ago, while complete-vehicle design and manufacturing are only a matter of capability level. He added that domestic substitution for high-end components such as in-vehicle chips, in-vehicle operating systems, and carbon-ceramic brake discs is now entering the stage in the mid- to high-end segment, and he expects the process to take another 5 to 10 years.