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By H1 2024, the company would mass build its own vehicles: claims Xiaomi’s CEO

According to a company spokesman, Xiaomi Corp Chief Executive Lei Jun stated that the Chinese smartphone firm will mass build its own automobiles in the first half of 2024. Local media initially reported the remarks, which were made at an investment gathering, and the business later verified them.

Xiaomi’s worldwide marketing director, Zang Ziyuan, also shared the news on his verified Weibo account.

Xiaomi’s nascent electric vehicle (EV) branch, which was formally launched earlier this year, has set the date as the next key milestone.

Xiaomi shares rose 5.4 percent to HK$22.50, the highest daily percentage increase since May 12, extending advances for the third consecutive day.

Xiaomi said in March that it will spend $10 billion over the next ten years to create a new electric car division. Late in August, the firm finalized its EV unit’s corporate registration. L4N2Q310P.

The firm has increased employment for the unit, but it has yet to announce whether it would build the car on its own or in collaboration with another automaker.

Josh Horwitz and Yilei Sun contributed reporting, while Clarence Fernandez and Ana Nicolaci da Costa edited the piece.

Sanskriti

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