Xiaomi announced its electric car subsidiary earlier this year during an investors’ meeting, and its CEO Lei Jun seconds that the company’s electric vehicle production project is on track. Lei Jun also helped us with a gross expectation stating that Xiaomi will start mass production of the cars from the first half of 2024. After announcing the financials in March, where they laid out a $10 billion investment project for its new electric car division over the next decade, Xiaomi registered its EV Unit in August.
Xiaomi EV is ahead of schedule. Aiming for mass production in 2024 H1. pic.twitter.com/DKXHdXty2Y
— leijun (@leijun) October 19, 2021
Xiaomi also completed the acquisition of DeepMotion, which is a firm that works on self-driving technologies – and they have been mass hiring employees for its new business.
It’s yet to know whether the Chinese Smartphone makers will set up their own production plant or rely on a third-party production company, likely an existing automaker. Though the latter seems more plausible, the company’s long-term goals and finances do indicate they won’t be shy going down the former lane.