Chinese smartphone maker Xiaomi will mass produce its electric vehicles in 2024...

Chinese smartphone maker Xiaomi will mass produce its electric vehicles in 2024

Chinese smartphone maker Xiaomi will mass produce its electric vehicles in 2024

16 hours ago

Chinese smartphone maker Xiaomi will mass produce its own electric cars in the first half of 2024, chief executive Lei Jun said on Tuesday.

Detail:

Lei announced the plan during Xiaomi’s investor day and the CEO later confirmed the timeline on his official Weibo account.

In March, Xiaomi joined its peers such as Baidu into the electric car race after it announced to launch an electric vehicle business unit and invest USD10 billion into it over the next 10 years.

Lei Jun said at the time the push into electric vehicles would mark his "last major entrepreneurial project” and he would put his reputation and dedication into his last venture.

In September, Xiaomi has completed the official business registration of its electric vehicle unit, the headquarter will locate at Beijing Econmic-Technological Development Area commonly known as Beijing’s Yizhuang new town.

Xiaomi so far has picked 300 technicians out of 20,000 resumes to be the first batch of employee for the EV unit and it will continue to recruit talent.

Context:

Chinese government provides support to the industry through subsidies, looser restrictions, and the construction of charging infrastructure.

Competitions in China’s electric vehicle market is getting more and more intense, with an array of Chinese tech companies joining the sector. In January 2021, China’s search giant Baidu has announced to partner with automaker Zhejaing Geely Holding Group to build smart electric vehicles (EV). The new EV companies will count on Geely’s engineering consultancy, car manufacturing expertise and EV modular platform-Sustainable Experience Architecture and Baidu’s intelligent driving system Apollo.

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