19 Oct 2021
Xiaomi to Mass Produce its Own Electric Cars in H1 2024
The Index Today
Xiaomi Corp Chief Executive Lei Jun confirmed that the Chinese smartphone maker will mass produce its own cars in the first half of 2024, a company spokesperson said on Tuesday.
Based on reports, Zang Ziyuan, a director in Xiaomi's international marketing department, also posted the news on his verified Weibo account.
The date marks the next major target for the company's fledgling electric vehicle (EV) division, which Xiaomi formally announced earlier this year.
Xiaomi shares increased at 5.4% to HK$22.50, marked as the biggest daily percentage rise since May 12, extending gains for the third straight session.
In March, the company mentioned that it would commit to investing $10 billion in a new electric car division over the next ten years. The company completed the business registration of its EV unit in late August.
The company has started hiring for the unit for their upcoming electric cars, though it was not really revealed if it will produce the car independently or via partnership with an existing carmaker.