Xiaomi CEO Says Firm to Mass Produce Its Own Cars in First Half of 2024

Xiaomi completed the business registration of its EV unit in late August.

By Reuters | Updated: 20 October 2021 12:14 IST

Xiaomi CEO Says Firm to Mass Produce Its Own Cars in First Half of 2024

Xiaomi shares jumped 5.4 percent, the biggest daily percentage rise since May

Highlights

Xiaomi shares jumped to HKD 22.50 (roughly Rs. 220)
The company has ramped up hiring for the EV unit
Xiaomi has yet to reveal if it will produce the car independently

Xiaomi 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 an 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.

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Xiaomi shares jumped 5.4 percent to HKD 22.50 (roughly Rs. 220), 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 (roughly Rs. 75,075 crores) 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.

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© Thomson Reuters 2021

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