It looks like Xiaomi is the next smartphone manufacturer to step into the automotive sphere. Company Chief Executive Lei Jun confirmed that the Chinese company will mass produce its own cars in the first half of 2024.
As reported by Reuters, the comments, which were made at an investor event that was first reported by local media and later confirmed by the company. Zang Ziyuan, a director in Xiaomi’s international marketing department, also posted the news on his verified Weibo account.
The 2024 target year signifies the next major target for Xiaomi who is currently popular for its smartphone offerings. The EV division was announced earlier this year.
After this announcement, Xiaomi shares jumped by 5,4 per cent which is the biggest daily percentage rise since May 12, extending gains for the third straight session.
In March this year, Xiaomi said it would commit to investing R145 billion in a new electric car division over the next ten years. The company completed the business registration of its EV unit in late August.
The company has since increased its hiring for the division, though it has yet to reveal if it will produce the car independently or via partnership with an existing carmaker.
