Xiaomi CEO says firm to mass produce its own cars in H1 2024: Spokesperson

Xiaomi Corp Chief Executive Lei Jun said the Chinese smartphone shaper volition wide nutrient its ain cars successful the archetypal fractional of 2024, an institution spokesperson said connected Tuesday.

The comments, which were made astatine a capitalist event, were archetypal reported by section media and aboriginal confirmed by the company.

Zang Ziyuan, a manager successful Xiaomi’s planetary selling department, besides posted the quality connected his verified Weibo account.

The day marks the adjacent large people for the company’s fledgling electrical conveyance (EV) division, which Xiaomi formally announced earlier this year.

Xiaomi shares jumped 5.4% to HK$22.50, the biggest regular percent emergence since May 12, extending gains for the 3rd consecutive session.

In March, Xiaomi said it would perpetrate to investing $10 cardinal successful a caller electrical car part implicit the adjacent 10 years. The institution completed the concern registration of its EV portion successful precocious August.

The institution has ramped up hiring for the unit, though it has yet to uncover if it volition nutrient the car independently oregon via concern with an existing carmaker.