Lei Jun, Xiaomi Chief Executive and Founder, has revealed that the company is will begin mass production for its self branded cars in the first half of 2024.
A spokesperson of the Chinese tech giant shared the news (Via Reuters) that was based on a comment made by the senior official during an investor event. Zang Ziyuan, a director in Xiaomi’s international marketing department also shared the news on his official Weibo account (a Chinese microblogging website). Notably, this marks the first official goal for the company in its upcoming electric vehicle division, which was first announced earlier this year.
In addition to that, the brand’s shares also rose by 5.4 percent, which also makes it the biggest daily percentage rise since May 12, 2021. Back in March, the company also stated that it would be investing a sizeable 10 billion US Dollars for its electric car project over the course of the next ten years. In August, Xiaomi had also completed the business registration for its electric vehicle unit as well.
Currently, the company is on a hiring spree for its car project, although, it had yet to reveal if it will partner up with an established car brand for its vehicle or if it will produce this car on its own. So stay tuned for more, as we will be providing updates when additional information is available regarding this matter.