Tech companies are now becoming deeply involved in the global automotive industry in various capacities, with some going all out to produce their own lineups of cars, an example of which is Xiaomi Inc.
As per recent reports, the Chief Executive of Xiaomi Lei Jun declared that it will begin the mass production of its first passenger vehicle in the first half of the 2024 calendar year.
The company first shared the news with the local media through its spokesperson, and the information was later corroborated by the Director of Xiaomi’s International Marketing department via a post about the development on his official Weibo account.
Details about the upcoming vehicle’s specifications, its launch date, and its price point are yet to be revealed, but it is known that Xiaomi has begun hiring relevant resources to take the project forward.
It had announced seven months ago that it will enter the electric vehicle arena with an investment of $10 billion over the next 10 years. Accordingly, the first phase of the project will incorporate an investment worth the equivalent of $1.52 billion, and that the project will be spearheaded by CEO Lei Jun himself.
It is rumored that Xiaomi will collaborate with Great Wall Motors (the conglomerate that owns Haval) but no official confirmation has been issued by the company. However, Xiaomi will initially launch an all-electric vehicle lineup for China only and will continue from there based on its progress and demand.