Chinese smartphone company Xiaomi has announced that it will mass produce its own electric vehicles in the first half of 2024 – the statement was made on Tuesday by the company's CEO Lei Jun.
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The comments were made during the company's investor day and were later confirmed in a post by the CEO on the Chinese social media service Weibo.
Xiaomi shares in Hong Kong rose more than 5% on Tuesday.
In March, Xiaomi announced its entry into the electric vehicle market in the electric car race and said it plans to invest $10 billion in the business over the next 10 years. Last month, Xiaomi officially registered its electric vehicle business Xiaomi EV, Inc.
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Xiaomi EV now has 300 employees, the company said in September. Lei leads the team.
China's electric vehicle market is becoming increasingly crowded, with new players entering. Chinese search giant Baidu created a standalone electric car company in January and hired a CEO for that venture in February.
When Xiaomi officially launches an electric car, it will face off against Chinese rivals Nio and Xpeng as well as larger automakers like Elon Musk and BYD.
China's electric vehicle market has enjoyed favorable government support in recent years, which has helped grow . While some of that support has waned, the market is still growing.
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Market research firm Canalys predicts that 1.9 million electric vehicles will be sold in China in 2021, a 51% increase year-on-year.
Information source: cnbc.com
