Xiaomi CEO Lei Jun holds a press convention about Xiaomi’s new brand and Xiaomi’s automotive constructing on March 30, 2021 in Beijing, China.
VCG | Visible China Group | Getty Photographs
GUANGZHOU, China — Chinese language smartphone Xiaomi is anticipating to mass produce its personal electrical automobiles within the first half of 2024, its CEO Lei Jun mentioned on Tuesday.
The feedback had been made in the course of the firm’s investor day and confirmed later in a put up by the CEO on China’s Twitter-like service Weibo.
Xiaomi’s shares in Hong Kong jumped over 5% on Tuesday.
When Xiaomi formally launches an electrical automotive, it’ll face off towards its Chinese language rivals like Nio and Xpeng in addition to bigger automakers like Elon Musk’s Tesla and BYD.
China’s electrical car market has had favorable authorities help over the previous few years which helped the business develop. Whereas a few of that help has been lowered, the market remains to be rising.
Market analysis agency Canalys forecasts 1.9 million electrical automobiles shall be offered in China in 2021, rising 51% year-on-year.
