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.
Related: Xiaomi 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.
A 3d animation professional with over 20 years of industry experience having served in leading organizations & production facilities of Pakistan, an avid car enthusiast and petrolhead with an affection to deliver writings to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com