In a surprising change, the Xiaomi, a renowned Chinese technology giant, officially announced its entry into the electric vehicles (EVs).
Lei Jun, the company's founder, made the announcement during the annual session of the China National People's Congress, a supreme legislative body of the People's Republic of China.
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Xiaomi is ready to start mass production of its first eletric cars by 2024, demonstrating a significant milestone in its foray into the EV industry.
Lei Jun, who is also a delegate to China's National People's Congress, shared that progress in developing Xiaomi's electric vehicle has exceeded expectations.
He expressed confidence in the success of winter testing of his next EV and revealed that the official launch is planned for next year.
“We passed the winter testing phase with flying colors, and we are on track to begin mass production in the first half of 2024,” said the businessman.
He also mentioned that he devotes a substantial amount of his time to the automotive business and has invested more than 3 billion yuan (approximately 408 million euros) in it during 2022.
In parallel, Xiaomi's electric vehicle research and development team has now grown to currently encompass around 2,300 individuals.
(Image: disclosure)
Xiaomi's foray into the electric vehicle sector was initially revealed in March 2021, when the company established a subsidiary for this purpose, with Lei Jun heading the initiative.
This undertaking involved a substantial investment of 10 billion dollars (around 8.515 billion euros) to be applied over the next decade.
Additionally, it is important to note that Xiaomi was already involved in production of electric vehicles, specifically electric motorcycles.
The manufacturer's action is aligned with the “Made in China 2025” initiative, which aims to transform the country into a technological powerhouse focusing on high value-added sectors, including Artificial Intelligence (AI), renewable energy, robotics and vehicles electrical.
With Xiaomi's strong reputation in the technology industry, its entry into the electric vehicle market is expected to further drive the growth of the EV sector in China and around the world.
