Only by understanding the photo of Lei Jun and Wang Chuanfu together can one understand the second half of China's automotive industry.

On July 17, 2025, a Xiaomi SU7 with a temporary license plate was loaded on a transport truck and traveling on the Gyeongbu Expressway in South Korea, heading straight for the headquarters of Hyundai Motor in Seoul. This is not a tabloid news story, nor is it a chance capture by a car enthusiast. According to reports from South Korean media, this is a "research sample" that Hyundai Motor officially applied for and obtained a temporary operation permit for research purposes. Meanwhile, more Xiaomi SU7s have already arrived at Hyundai's "heart" - the Namyang R & D Center.

Half a year ago, when the first SU7 with a test license plate appeared near Namyang, the industry's interpretation was still at the level of "regular competitor analysis", speculating whether Hyundai was interested in the three - electric system, the intelligent cockpit, or the chassis tuning. Today, when Hyundai officially confirms and systematically introduces the SU7 for "dissection - style" research, the nature of this event has undergone a fundamental change.

This is no longer a regular review of a new product by a traditional automotive giant. Instead, it is more like a mature industrial system conducting an in - depth exploration when facing a new opponent that it is not fully familiar with and has different genes. What was transported to Seoul is, on the surface, a car, but in fact, it is a signal that prompts Hyundai Motor and even the entire traditional automotive industry to seriously examine a changing market landscape.

01 From Imitation to Being Studied: Asymmetrical Awe

In the more than a hundred - year history of the automotive industry, the chain of imitation and learning has always been clear and stable: latecomers imitate leaders, and marginal markets learn from central markets. In the past few decades, the Chinese automotive industry has "learned" from almost all international giants. From reverse - engineering engines, to imitating and borrowing chassis designs, to following design trends step by step, we were the "students", while Hyundai, Toyota, Volkswagen, etc., were the natural "teachers".

However, the emergence of the Xiaomi SU7 and Hyundai Motor's large - scale research on it mark the first and most thorough reversal of this learning chain.

We need to clearly recognize that Xiaomi Auto has been established for just over three years, and the first model, the SU7, has only been officially delivered for a few months. A newcomer with almost negligible experience in the automotive field has actually become an object that a top - three global automotive group in terms of sales needs to seriously consider and invest heavily in for disassembly and research. This kind of "treatment" is unprecedented in automotive history.

What is conveyed behind this is not an equal benchmarking, but an asymmetrical awe. There is a fundamental difference between Hyundai Motor's research on Xiaomi and Xiaomi's research on Porsche back then. The latter was a fledgling company's salute and learning from an industry benchmark, a climb upwards. The former, however, is a mature industrial giant showing high - level attention and in - depth exploration when examining a "new species" completely different from its own system, because it has found that the growth path of the other party has exceeded its previous cognitive scope.

Does Hyundai Motor really need to learn how to manufacture an electric vehicle? Obviously not. Its E - GMP platform is already at the world - class level in terms of 800V architecture, charging efficiency, and three - electric performance, and even leads its competitors, including Tesla, in many aspects. Hyundai Motor does not lack technology, platforms, or manufacturing capabilities.

So, what is it researching about Xiaomi? The news mentioned that Hyundai is particularly concerned about the intelligent cockpit and display layout of the SU7. This exactly points out the core of the problem. What Hyundai Motor fears is not the Xiaomi SU7 itself, but the "new paradigm" it represents, which seamlessly grafts the thinking logic, user ecosystem, and software - defined capabilities of consumer electronics onto the traditional hardware carrier of a car.

This is a "gene" that Hyundai Motor can hardly replicate even with all its efforts. Hyundai can invest 11.5 trillion won (about $8.3 billion) in R & D and acquire the world's best suppliers, but it cannot transform itself from a manufacturing enterprise centered on mechanical engineering into a technology company centered on user experience and software iteration overnight. This transformation requires a complete reshaping of culture, organizational structure, and even values, which is much more difficult than developing a new platform.

So, when Hyundai Motor puts the SU7 on the dissection table, what they see is not just circuit boards, screens, and codes, but also huge question marks about their own business model and future path. This car is like a mirror, reflecting the slowness and deep unease of traditional giants in the face of the era's transformation.

02 Passive Defense: Strategic Anxiety Behind Massive Investments

In 2024, Hyundai Motor Group increased its total investment by 19%, with nearly half of it going to R & D. Its tangible assets soared by nearly 6 trillion won in just one quarter. Against the backdrop of the "research on the Xiaomi SU7", these cold numbers are no longer the clarion call for an active offensive, but more like the huge cost of building defensive fortifications.

Chung Eui - sun, the chairman of Hyundai Motor Group, admitted in a speech at the beginning of the year that the company needs to compete with "emerging participants" from China and emphasized that "challenges are inevitable".

The advantages of traditional automakers lie in scale, supply - chain control, global distribution channels, and a century - old brand heritage. However, in the new battlefield of electrification and intelligence, these advantages are rapidly being eroded and even turning into disadvantages. The large organizational structure leads to slow decision - making, the interest - binding with dealers hinders the exploration of the direct - sales model, and the deep - seated engineer culture often shows disdain or slowness towards challenges from software and user experience.

Xiaomi's approach precisely targets these "weaknesses". It has no historical baggage and can iterate rapidly using the Internet model. It has a user ecosystem of hundreds of millions, which can seamlessly connect mobile phones, smart homes, and cars. Its marketing methods are unheard of by the marketing departments of traditional automakers. One press conference can create a brand buzz that traditional automakers can hardly achieve in a year.

Hyundai Motor's massive investment is the expensive tuition fee for making up for these "genetic defects". They buy competitor cars for research to understand the product logic of their opponents. They invest in autonomous driving and infotainment systems to catch up in software. They constantly emphasize the need to improve competitiveness because they feel the real threat to their market share and profits.

This is a typical "passive defense" stance. When all your actions are to respond to your opponent's moves, you have already lost the strategic initiative. Hyundai Motor's research on the SU7 is not to create the next decade, but to ensure that it will not be overturned by the current wave. This kind of R & D centered on "catching up" and "imitating" can hardly replicate the soul and ecosystem behind the product, even if it can replicate the product in form. The final result is likely to be just a follower who always lags behind.

03 The Real "Trump Card": When Lei Jun Meets Wang Chuanfu

While Hyundai Motor is buried in researching the hardware and software of the Xiaomi SU7, a more far - reaching scene is unfolding in China. On July 18, 2025, Lei Jun, the founder of Xiaomi, met with Wang Chuanfu, the chairman of BYD, at the Xiaomi Auto factory.

If Hyundai's research on the Xiaomi SU7 only shows the combat ability of a "new - force" company fighting alone, then the appearance of Lei Jun and Wang Chuanfu together foreshadows a future that will keep all traditional giants awake at night - the "powerful alliance" between the old and new forces within the Chinese automotive industry.

What does Wang Chuanfu represent? He represents the world's largest production and sales volume of new - energy vehicles, unparalleled vertical integration capabilities, and a full - industrial - chain layout covering batteries, motors, electronic controls, and even semiconductors. BYD has solved all the core problems regarding cost, efficiency, and scale in the "car - manufacturing" process. It is the ultimate manifestation of Chinese automotive industrialization.

What does Lei Jun represent? He represents top - level brand - marketing capabilities, a huge fan economy and user ecosystem, and a profound understanding of the definition of consumer electronics products and user experience. Xiaomi has solved all the core problems regarding traffic, brand, and ecosystem in the "car - defining" and "car - selling" processes. It is the ultimate manifestation of Chinese Internet thinking.

When these two come together, even if it is just a preliminary contact and communication, the imagination space behind it is huge. This means that the company that understands manufacturing best and the company that understands users best in China are seeking synergy. BYD's hardware strength can provide a solid manufacturing foundation and cost advantage for new - force companies like Xiaomi, while Xiaomi's software ecosystem and brand influence can inject new vitality and value - imagination space into traditional giants like BYD.

Once this "hardware - software combination" alliance is formed, the energy it generates will be exponential. It will no longer be a single company fighting alone, but a combined fleet composed of a "manufacturing behemoth" and an "ecosystem behemoth".

Hyundai Motor is still painstakingly disassembling the Xiaomi SU7, trying to find the secret of Xiaomi's success from the screws and codes. Little do they know that the real "secret" is no longer in the car. The secret lies in the fact that the Chinese automotive industry is forming an unprecedented, highly - coordinated, and self - evolving "new ecosystem". In this ecosystem, there are "arsenals" and "armories" like BYD, as well as "special forces" and "information - warfare experts" like Xiaomi.

Facing such an accelerating - integrating "Chinese Legion", any single overseas automaker, no matter how glorious its history or how large its scale, will appear weak. Researching Xiaomi today, it may have to research NIO and Li Auto tomorrow, and deal with the Hongmeng Zhixing jointly developed by Huawei and automakers the day after tomorrow. This point - to - point catching - up will be endless and ultimately exhausting.

04 Under the Scalpel, It's the Back of an Era

The Xiaomi SU7 transported to Seoul will eventually be completely disassembled by Hyundai's engineers. They will get a detailed bill of materials (BOM), analyze the cost of each component, draw the circuit - board layout, and thoroughly study every line of code in the in - vehicle system.

However, they will never be able to find the answers they really want through this scalpel. Because what they are dissecting is just a "result", while the "cause" that created this "result" - the complete Internet thinking, the user - oriented corporate culture, and the strategic maneuvers within the Chinese industrial ecosystem - cannot be disassembled or replicated.

Hyundai Motor's actions are normal. Any large company will do the same when facing a new opponent. But this precisely shows that the old path relying only on hardware and manufacturing no longer works, and the "rules of the game" in the automotive industry are changing.

So, this is not just a question of who wins and who loses. It is more like a collective upgrade of the entire industry. The Xiaomi SU7 transported to Seoul is like a "catfish" thrown into a pond, forcing "big brothers" like Hyundai to run faster. Its destination is not Hyundai's laboratory, but a brand - new battlefield that all automakers must face.

This article is from the WeChat official account “Cheyun” (ID: cheyunwang), author: Miao Zheng, published by 36Kr with authorization.