Xiaomi CEO Lei Jun has confirmed that it will start mass producing its cars in 2024, a statement that has sent the company’s shares up 5.4 percent, the biggest daily percentage increase since May.
He made the comment at an investor event, then it was confirmed by local media and finally confirmed officially by the company.
Zang Ziyuan, director of Xiaomi’s international marketing department, also posted the news on his verified Weibo account, so there is no longer any doubt that Xiaomi cars will soon be on the streets. In fact some sketches of what the Xiaomi car could look like were already released recently.
Xiaomi has an electric vehicle division that releases news from time to time, but so far it’s all been very drip-drip-drip. Xiaomi formally announced earlier this year that it would focus on this sector, and shortly after announced the mass launch of its vehicles, although probably only for the Chinese market at first.
In March, the company reported that it would invest $10 billion in its electric car division over the next ten years, and completed the commercial registration very recently, at the end of August.
We don’t know yet if it will produce the car independently or if it will partner with an existing automaker, but all indications are that we will see many Xiaomi electric car launches over the next few years. In March they already announced that they had partnered with Great Wall factory to produce electric cars under their own brand, but we did not imagine that things would go so fast.