The most well-known and largest smartphone brand worldwide, Xiaomi, was announced as part of the expanding EV market earlier in the year. We saw last month, Xiaomi CEO and founder Lei Jun announced that the company’s EV will be available for mass production in 2024 at Xiaomi’s Investor Day 2021 conference. A new financial report by Xiaomi indicates that the Chinese giant is investing more money into its electric vehicle department and is preparing to release its first electric vehicle in the market by 2024.
Xiaomi President Lei Jun, in an earlier announcement, stated that the company is ahead of the timetable to unveil its first electric car. To continue to develop in the same direction, Xiaomi is putting more funds into the R&D section within the EV project.
According to the latest financial report, Xiaomi has 14,000 employees employed in their R&D (R&D), division 500 is currently working on the EV project. Xiaomi also bought an autonomous-focused company called Deepmotion in the last quarter of this year It plans to create an affiliate to boost the pace of work further.
For those who aren’t aware, Xiaomi has already registered its electric vehicle business, Xiaomi EV, Inc. It has an investment of 10 billion Yuan, about 11,000 crores, which will be used in the coming 10 years. Additionally, Lei Jun has been named an official representative for the business after registration.
The report also indicates that Xiaomi will begin the production procedure for their electric vehicles in 2023. The company is expected to be able to launch the EV to the market in early 2024.
Based on earlier reports, Xiaomi will initially build and market entry-level electric cars before moving to premium and luxurious models later on. In the EV sector,
