In a new year’s letter to employees, Xiaomi CEO Lei Jun announced some management promotions and said 2023 is a critical period for the company. Lei welcomed Lu Weibing as the firm’s new president and expressed confidence that Xiaomi would achieve strategic breakthroughs and long-term growth under his leadership. Lu was previously head of Xiaomi’s subbrand Redmi. Wang Xiaoyan, Qu Heng, and Ma Ji were promoted to vice presidents of the company. Lei sees 2023 as a pivotal year to prepare “for a period of explosive growth in the next two to three years.” In March 2021, Xiaomi had announced plans to invest $10 billion in the electric car business and is expected to mass produce its first model in 2024. [ITHome, in Chinese]