Xiaomi to Mass Produce its First Car in 2024
After announcing its electric vehicle (EV) subsidiary back in March this year, Xiaomi’s CEO Lei Jun during an investors’ meeting has confirmed that its EV production is well on track and that the mass production of Xiaomis’ first car will begin in the first half of 2024
Xiaomi is planning to invest $10 billion in its EV arm in the next 10 years and has also acquired DeepMotion – a firm that works on self-driving technologies. The company has been hiring employees for its new EV business on a very rapid pace and is also considering to acquire Borgward for production of electric vehicles.
Zang Ziyuan, who is the director of Xiaomi’s international marketing department, also shared the latest development on his verified Weibo account. China’s EV market is already crowded and Xiaomi will face off against its rivals such as Nio, Xpeng, Tesla and many others in the Chinese market. Xiaomi has reported that its shares jumped by nearly 5.4% after the confirmation of the latest development.