Xiaomi Chief Executive and Founder, Lei Jun, has recently stated that his company is planning on beginning mass production for its self-branded cars in the first half of 2024. this news was shared by a spokesperson of the Chinese tech giant and the statement comes based on a comment made by the senior official during an investor event.
Zang Ziyuan, a director in Xiaomi’s international marketing department has also shared similar news on his official Weibo account. The announcement related to mass production marks the first official goal for the company in its upcoming electric vehicle division, which was first announced earlier this year.
Following the news, the shares of Xiaomi also rose by 5.4 percent, which makes it the biggest daily percentage rise since 12th May 2021 for the tech giant. Earlier in March, the company had stated that it would be investing a sizeable 10 billion US Dollars for its electric car project over the next ten years.
Later in August, Xiaomi had also completed the business registration for its electric vehicle unit as well. Currently, Xiaomi is in the middle of a hiring spree for its car project, although, it had yet to reveal whether the company has decided to partner up with an established car brand for its vehicle or whether Xiaomin will be producing its first electric car all on its own. So stay tuned for more, as we will be providing updates when additional information is available regarding this matter.
