Xiaomi CEO Says It Will Be Mass Producing Its EV By 2024

Xiaomi's CEO Lei Jun has revealed that the world's third-largest smartphone maker is ahead of schedule for making its foray into the automotive sector and will start mass-producing its EVs in the first half of 2024. These comments were made at an investor event. But then the Chinese billionaire tweeted his thoughts as well. "Xiaomi EV is ahead of schedule. Aiming for mass production in 2024 H1," he said on the social media platform. His executives also went to Chinese social media platforms to confirm the news. Zang Ziyuan who is a director for marketing at Xiaomi also posted this news on his verified Weibo account.

Xiaomi is the no. 1 in smartphones, smart TVs, notebooks and power banks in India

In March, Xiaomi had announced that it would be investing $10 billion in the new electric car division over the next 10 years. The company finished the registration of its electric car business in August and already it has ramped up hiring for the unit - though it hasn't revealed whether it is going to make the car or will partner with someone.

Its close partner for the manufacturing of smartphones, Foxconn, has already announced its own electric car venture, and considering manufacturing isn't Xiaomi's forte, this would be a partnership that's likely to happen.