After announcing its electric car subsidiary back in March this year, during an investor meeting, Xiaomi’s CEO confirmed that the production of electric cars is on track. In fact, Lei Jun believes that mass production of the said car will start in the first half of 2024.
Xiaomi completed the registration of its EV arm in August and plans to invest $ 10 billion in it over the next ten years. It has also acquired DeepMotion – a company that works with self-propelled technologies – and has hired employees for its new business like crazy.
However, it is still unclear whether Xiaomi plans to produce the car in-house, or whether it will sell its production to a third-party company, probably an existing carmaker. The latter is more likely given the high barrier to the car manufacturing business.