Chinese smartphone company Xiaomi has announced that it will mass-produce its own electric vehicles in the first half of 2024 - the statement was made on Tuesday by the company's CEO Lei Jun.
The comments were made during the day of the company's investors and were later confirmed in a post by the CEO on the Chinese service Weibo.
Shares of Xiaomi in Hong Kong rose more than 5% on Tuesday.
In March, Xiaomi announced its entry into the electric vehicle market in the electric car race and said it planned to invest $ 10 billion in the company over the next 10 years. Last month, Xiaomi officially registered the electric vehicle company Xiaomi EV, Inc.
The Xiaomi EV now has 300 employees, the company said in September. Lei leads the team.
China's electric vehicle market is becoming more and more numerous, with the entry of new players. Chinese search giant Baidu set up an autonomous electric car company in January and hired a CEO for the company in February.
When Xiaomi officially launches an electric car, it will face Chinese rivals Nio and Xpeng as well as larger automakers such as Tesla. Elon Musk and BYD.
China's electric vehicle market has had favorable government support in recent years, which has helped development of the industry. While some of this support has declined, the market continues to grow.
Market research firm Canalys predicts that 1,9 million electric vehicles will be sold in China in 2021, up 51% year-on-year.
Source of information: cnbc.com