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Xiaomi To Mass Produce Own Cars In First Half Of 2024

The date marks the next big target for Xiaomi’s fledgling electric vehicle (EV) unit, which the smartphone major formally announced earlier this year


Xiaomi plans to build a big car plant in Beijing with an annual output of about 300,000 vehicles. Photo: Reuters.

 

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

The comments, which were made at a investor event, were 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 date marks the next major target for the company’s fledgling electric vehicle (EV) division, which Xiaomi formally announced earlier this year.

Xiaomi shares jumped 5.4% to HK$22.50, the biggest daily percentage rise since May 12, extending gains for the third straight session.

In March, Xiaomi said it would commit to investing $10 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 ramped up hiring for the unit, though it has yet to reveal if it will produce the car independently or via partnership with an existing carmaker.

 

  • Reuters with additional editing by Jim Pollard

 

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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