Xiaomi Is Planning To Release Its First Electric Car in early 2024: According to reports

According to reports, Xiaomi is on track to release its first electric car in early 2024.

Xiaomi, one of the world’s most well-known and largest smartphone companies, said earlier this year that it will enter the rapidly growing EV sector. During Xiaomi’s Investor Day 2021 conference last month, Lei Jun, the company’s founder and CEO, said that their EV will go into mass production in 2024. According to a Xiaomi financial report, the Chinese company is investing more resources in its electric vehicle division and is on schedule to release its first electric vehicle in 2024.

In a previous statement, Xiaomi CEO Lei Jun stated that the business is on track to release its first electric car far ahead of time. Xiaomi is currently investing more resources in the EV project’s research and development team to maintain the same pace of development.

According to a recent financial report, 500 of the company’s R&D staff are currently actively working on the electric vehicle project, out of a total of over 14,000 people. Xiaomi also bought Deepmotion, an autonomous driving firm, early this year and plans to establish a subsidiary to speed up the project.

Xiaomi has already registered an electric vehicle company, Xiaomi EV, Inc., with a capital investment of 10 billion yuan (about Rs 11,000 crore) to be spent over the next ten years. In addition, upon the company’s registration, Lei Jun was named as its legal representative.

Xiaomi is also expected to begin production of its first electric vehicles by 2023, according to a recent report. As a result, the EV should be available in early 2024, according to the company.

Xiaomi would initially construct and market entry-level electric cars, according to prior rumours, before moving on to high-end and luxury versions at a later point. Furthermore, in the EV space, the Chinese giant will face up against big manufacturers such as Tesla, Porsche, and even Apple, Oppo, and OnePlus.

So, how do you feel about Xiaomi’s first electric vehicle? Do you believe the company’s choice to enter the EV industry was the right one? Let us know what you think in the comments section below.

 

Via: India Today

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