October 19, 2021 5:40:50 pm
Xiaomi’s Chief Executive Lei Jun has reportedly asserted that the Chinese company is planning to mass-produce its cars in the first quarter of 2024, according to a report by Reuters. This is not surprising as the brand announced its entry into the smart electric vehicle business in March this year.
The company had confirmed that it will set up a new subsidiary to work on electric vehicles and related business. Now, the Chinese smartphone maker’s executive has shared more details on the same at an investor event. The mass production of its electric cars will begin after two years.
Zang Ziyuan, who is the director of Xiaomi’s international marketing department, also shared the latest development on his verified Weibo account. China’s electric vehicle market is already crowded and Xiaomi will face off against its rivals such as Nio, Elon Musk’s Tesla and others.
The entry of Xiaomi will mark the next major target for the company’s fledgling electric vehicle (EV) division. Xiaomi reported that its shares jumped nearly 5.4 per cent after the confirmation of the latest development.
Earlier this year, the Chinese company revealed plans to invest about 10 billion yuan (about $1.5 billion) over a period of 10 years. Lei Jun, the CEO of Xiaomi, will also be serving as the CEO of the new smart electric vehicles entity.
Xiaomi hasn’t yet revealed details on what type of electric vehicles it is planning to produce in this new business. It reportedly completed the business registration of its EV unit in August this year. Reuters reported that the Chinese smartphone maker has already ramped up hiring for the unit, though Xiaomi hasn’t yet confirmed if it will produce the car independently or tie-up with an existing carmaker.
With inputs from Reuters
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.