Xiaomi CEO Lei Jun gives a press conference on the new Xiaomi logo and the Xiaomi car build on March 30, 2021 in Beijing, China.
VCG | Visual China Group | fake images
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GUANGZHOU, China – Chinese smartphone Xiaomi expects to mass produce its own electric vehicles in the first half of 2024, its chief executive, Lei Jun, said on Tuesday.
The comments were made during the company’s investor day and later confirmed in a CEO post on China’s Weibo service, similar to Twitter.
Xiaomi’s Hong Kong shares rose more than 5% on Tuesday.
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When Xiaomi officially launches an electric car, it will take on Chinese rivals like Nio and Xpeng, as well as bigger automakers like Elon Musk’s Tesla and BYD.
China’s electric vehicle market has had favorable government support for the past few years, helping the industry grow. While some of that support has been reduced, the market continues to grow.
Market research firm Canalys forecasts that 1.9 million electric vehicles will be sold in China in 2021, with a year-on-year growth of 51%.
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