SHANGHAI (Reuters) – Xiaomi Corp Chief Executive Lei Jun said the Chinese smartphone maker will mass-produce its own cars in the first half of 2024, a company spokesman said Tuesday.
The comments, made at an investor event, were first reported by local media and later confirmed by the company.
Zang Ziyuan, a director in Xiaomi’s international marketing department, also posted the news on his verified Weibo account.
The date marks the next big goal for the fledgling electric vehicle (EV) division of the company, which Xiaomi officially announced earlier this year.
Xiaomi stock rose 5.4% to HK $ 22.50, the largest daily percentage increase since May 12, and extended gains for the third straight session.
In March, Xiaomi announced that it would invest $ 10 billion in a new electric car division over the next ten years. The company completed the business registration of its EV unit at the end of August. [L4N2Q310P].
The company has stepped up hiring for the unit, although it hasn’t yet revealed whether it will produce the car independently or through a partnership with an existing automaker.
(Reporting by Josh Horwitz and Yilei Sun; Editing by Clarence Fernandez and Ana Nicolaci da Costa)
