Caixin
Oct 20, 2021 07:35 PM
TECH

Xiaomi Aims to Begin Mass Production of Electric Vehicles in 2024

What’s new: Chinese smartphone giant Xiaomi Corp. is expected to begin mass production of its own electric vehicles in the first half of 2024, Chairman and CEO Lei Jun said at an investor event on Tuesday.

The announcement amounts to the first major target for Xiaomi’s fledgling electric vehicle subsidiary, Xiaomi EV Inc., which just completed registration on Sept. 1 with Lei serving as its legal representative. Early last month, Xiaomi said that it has established an initial team of 300 employees for Xiaomi EV.

Xiaomi’s Hong Kong-listed shares closed up 5.4% on Tuesday after the announcement.

The background: In March, Xiaomi announced its foray into electric vehicle manufacturing with a plan to invest $10 billion in the sector over the next decade.

Since then, the Beijing-based company has made several investments in car-related firms including four-year-old driver assistance software developer DeepMotion and five-year-old artificial intelligence specialist Black Sesame Technologies, in an effort access necessary technologies for its future smart cars. 

Xiaomi’s push into the electric-car sector comes at a time when the company is expanding its ecosystem, which already includes smartphones, intelligent hardware and connected home appliances.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Contact reporter Ding Yi (yiding@caixin.com) and editor Flynn Murphy (flynnmurphy@caixin.com)

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