Xiaomi is serious about electric cars. Production will start soon

Electric cars are gaining in popularity and not only classic car manufacturers are starting to produce. Xiaomi CEO Lei Jun said the Chinese manufacturer, known largely for its smartphones, would begin mass production of its own electric cars in the first half of 2024. The news was reported by Reuters.

Jun announced this at a meeting of the company’s investors, first informing the local media about the report. They were later confirmed by the Chinese giant through an official account on the social network Weibo. The company has greatly improved with this step, its shares rose by 5.4%, which is the largest daily increase since 12 May.

Xiaomi shared her plans to produce electric cars at the beginning of the year

At the same time, the manufacturer has once again moved one step closer to the goal of producing electric cars, which it officially introduced to the world earlier this year.

In March, the company said it plans to invest $ 10 billion in a new electric car division over the next ten years. It completed the division’s registration in August and is now hiring a large number of new employees. However, it is not yet clear whether it will produce electric cars entirely on its own or through a partnership with an existing car manufacturer.

However, before entering the segment, it still faces a number of challenges, including the fight against strong competitors. The domestic market is already dominated by giants such as Nio and Xpeng, as well as world-renowned companies such as Tesla and the Chinese company BYD, which has the support of financial magnate Warren Buffett.

You can find out all important information about electric cars on our partner portal MojElektromobil.sk.