Lei Jun, the founder of Xiaomi, disclosed at the Xiaomi Investor Conference that the price of the latest Xiaomi YU7 is unlikely to be the 235,900 yuan rumored on the Internet, and the official price will not be determined until 1-2 days in advance. According to Lei Jun, Xiaomi's automotive business losses are gradually narrowing, and it is expected to achieve profitability in the third and fourth quarters of this year. The total budget for YU7's intelligent driving research and development investment reached 3.5 billion yuan, and the overall investment is at the leading level in the industry. Lei Jun said that Xiaomi began investing in the research and development of robots five years ago, and the car factory is currently trying out related capabilities. Xiaomi's automotive chips are under development and are expected to be launched soon. In addition, Lei Jun said that Xiaomi will insist on controlling the hardware profit margin at 5% for a long time.