Sunday, January 23, 2022
HomeTechnologyChina's Xiaomi plans to mass produce its own electric cars in 2024

China’s Xiaomi plans to mass produce its own electric cars in 2024

Xiaomi CEO Lei Jun holds a press conference about Xiaomi’s new logo and Xiaomi’s car building on March 30, 2021 in Beijing, China.VCG | Visual China Group | Getty ImagesGUANGZHOU, China — Chinese smartphone Xiaomi is expecting to mass produce its own electric vehicles in the first half of 2024, its CEO Lei Jun said on Tuesday.The comments were made during the company’s investor day and confirmed later in a post by the CEO on China’s Twitter-like service Weibo.Xiaomi’s shares in Hong Kong jumped over 5% on Tuesday.Read more about electric vehicles from CNBC ProWhen Xiaomi officially launches an electric car, it will face off against its Chinese rivals like Nio and Xpeng as well as larger automakers like Elon Musk’s Tesla and BYD.China’s electric vehicle market has had favorable government support over the last few years which helped the industry grow. While some of that support has been reduced, the market is still growing.  Market research firm Canalys forecasts 1.9 million electric vehicles will be sold in China in 2021, growing 51% year-on-year.

image 100365595 14413751



Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

Recent Comments