Xiaomi will Launch its First Electric Car in 2024
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Chinese smartphone giant, Xiaomi will launch its first electric car in 2024.

Lei Jun, Xiaomi group chairman today announced at the company’s investor day event, plans to launch its first electric car in 2024 and later a new car in each of the following three years. It aims to achieve a sales target of 900,000 electric cars in these three years.

According to CNEVPost, the chairman said, “if Xiaomi, which manufactures smartphones, smart home, and smart office products, does not participate in the electric vehicle transition, then it would “be eliminated,” because “electric cars have now transformed from a mechanical industry to an information industry.”

Already Xiaomi manufactures electric bicycles and mopeds. The company plans to invest around $1.54 billion in the electric car business, with an expected investment of $10 billion over the next decade.

A Reuters report suggests, Xiaomi announced on the Hong Kong Stock Exchange that Xiaomi will set up a wholly-owned subsidiary to run the smart electric car business, of which Lei will be CEO.

The company is also preparing to hire personnel for its EV subsidiary. Though there is no indication if it will produce its electric cars independently or partner with an existing carmaker.

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