On October 19, Chinese mobile manufacturer firm Xiaomi is likely to mass-produce its EV in the first half of 2024, Xiaomi CEO Lei Jun said. A director of Xiaomi’s international marketing department Zang Ziyuan reaffirms this by posting the news on his official Weibo account.
In March of this year, Xiaomi CEO Lei Jun said that Xiaomi would invest 10 billion dollars in an EV department over the next ten years. The firm disclosed the business with the registration made on its intelligent electric vehicle unit in September.
Xiaomi Smart electric vehicle firm currently has 300 quintessential employees; the current CEO of Xiaomi, Lei Jun, serves as the CEO of the smart electric vehicle business, the firm said on September 30 as part of Xiaomi’s spring new product launch conference. IT ground has learned that the advent of Xiaomi’s Smart electric vehicle will cause a hale rival between Nio and Xpeng and eminent electric vehicle manufacturers like Elon Musk’s Tesla and BYD.
Xiaomi will stand off from its competitors in producing Electric vehicles. Electric vehicle manufacturing firms have experienced a trouble-free environment in the Chinese tech market as the government constantly supports people to adopt a smart ecosystem. Nevertheless, specific support system from the government has faced a downward in some parts of China still the market has been growing drastically. According to tech Market research firm, Canalys it is predicted that over 1.9 million EVs will be sold in China in 2021, flourishing 51% YOY.
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In addition, Xiaomi’s shares bounced nearly 5.4 percent following the announcement of the mass production of EVs in 2024. Xiaomi’s EV ambition is growing drastically as they bought Deepmotion, an autonomous driving technology startup firm, for an amount of 77 million dollars (roughly Rs. 562 crores). Seemingly Xiaomi is working tirelessly to capture the EV market like as they did on the smartphone business. Astonishingly not only is Xiaomi partaking in the EV race, but the report suggests the tech giant Apple is also prepping up to capture the EV market.