Chinese phone giant to start mass-producing electric cars

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Today, Tuesday, a spokesman for Xiaomi Corp. quoted CEO Li Jun, that the Chinese smartphone maker will mass-produce its own cars in the first half of 2024.

Local media were the first to report these statements During an event for investors and later confirmed by the company.

Zhang Ziyuan, director of global marketing at Xiaomi, also posted the news on his official Weibo account.

The date marks the next big target for the company’s fledgling electric car division, which was officially announced by Xiaomi earlier this year.

Xiaomi shares jumped 5.4% to 22.50 Hong Kong dollars, the largest daily percentage increase since May 12, extending gains for the third consecutive session.

Xiaomi said in March that it would commit to investing $10 billion in a new electric vehicle division over the next 10 years. The company completed the commercial registration of its electrical unit in late August.

The company has ramped up hiring for the unit, but has not yet revealed whether it will produce the cars independently or in partnership with an existing automaker.





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