Xiaomi Set To Venture Into Electric Car Production In 2024
Lei Jun, CEO of Chinese technology giant Xiaomi Group, announced recently that the company’s electric vehicles will officially enter mass production in the first half of 2024, and the company has made much progress on the vehicles, far beyond his expectation.
Lei Jun said at an investors’ conference said that Xiaomi’s electric car department finalized its business registration in Beijing city, and the unit will be based in Yizhuang, in south Beijing’s Daxing District.
Lei also revealed that the electric vehicle manufacturing plant has received more than 20,000 resumes and has recruited a 453-person strong research arm. Lei revealed that Xiaomi’s electric vehicle business has, at the present stage, no plans to launch an IPO.
Lei, who is a deputy of China’s National People’s Congress, also confirmed Xiaomi had invested more than 3 billion yuan (£360 million) in its electric car division, Xiaomi Automobile, in 2022. He added that the staffing of its R&D department had risen to more than 2300 people.
Xiaomi first announced plans to venture into the automotive space in early 2021 but has not yet officially showcased its first EV to the world. However, in January, a series of images leaked online that appear to show the car in full.
On Tuesday, the share price of Xiaomi, listed at the Hong Kong Stock Exchange, rose 5.39 percent higher at the close.
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