Xiaomi to Produce its Own Cars in H1/Q1 2024

Oct 20,2024
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Xiaomi Corp Chief Executive Lei Jun said the Chinese smartphone maker will mass-produce its own buses in the first half of 2024, a company prophet said on Tuesday.

The commentary, which was made at an investor event, was first reported by original media and latterly verified by the company.

Zang Ziyuan, a director in Xiaomi's transnational marketing department, also posted the news on his vindicated Weibo account.

The date marks the coming major target for the company's rookie electric vehicle (EV) division, which Xiaomi formally blazoned before this time.

Xiaomi shares jumped5.4 toHK$22.50, the biggest diurnal chance rise since May 12, extending earnings for the third straight session.

In March, Xiaomi said it would commit to investing$ 10 billion in a new electric auto division over the coming ten times. The company completed the business enrolment of its EV unit in late August.

The company has ramped up hiring for the unit, though it has yet to reveal if it'll produce the auto singly or via cooperation with a being carmaker.