Xiaomi Plans to Mass Produce its First Electric Car in 2024

Earlier this year, Xiaomi confirmed plans to enter the electric vehicle (EV) industry. The Chinese brand even started a dedicated company called the Xiaomi EV Company Limited to kick things off. Going forward, the company has already unveiled another car company to add more hype among fans.

Xiaomi’s new automobile company is called the Xiaomi Automobile Technology Co Limited and it has been registered in Beijing with a total capital of roughly $156 million. Once it’s operational, this company will be focusing on new energy vehicles, vehicle manufacturing, and technology development.

The total capital of $156 million is only one-tenth of the Xiaomi Automobile Co, which was registered back in September with a total capital of $1.56 billion. It is unclear what this company will be focusing on, but our best guess is that it will be working on car peripherals and accessories while the first company will focus on the main vehicle manufacture.

Last but not the least, Xiaomi founder Lei Jun has confirmed that the car company will start mass-producing its own EVs by 2024. This means that we can expect to see Xiaomi’s first electric vehicles on the market during the same year.

Executive Lu Weibing has said that Xiaomi Home stores will be responsible for EV sales and after-sales services in the future.