A few reports stated last year that Xiaomi plans to launch its first electric vehicle (EV) in 2024. A recent follow-up report states that the tech giant will reveal the concept car in August 2022.
A report from Sina Tech claims that Xiaomi’s founder and CEO Lei Jun himself will reveal the car next month. It adds that Jun dedicates a majority of his focus and time to overseeing the EV’s development. Xiaomi will start testing the car immediately after the concept reveal. It also seeks to begin its mass production in 2024.
The company announced its entry into the EV arena in March 2021 with an initial investment of $1.5 billion. The company also revealed its plan to invest $10 billion over the next 10 years into its newly registered enterprise called Xiaomi Auto Co., Ltd. Its production facility — located in Yizhuang — will have an annual production capacity of 30,000 units.
Reports suggest that the company aims to launch supermini and subcompact vehicles. The supermini car will have level-2 while the subcompact car will have level-3 autonomous driving features.
The supermini EV will start from around Rs. 4.6 million while the subcompact EV will start from Rs. 6.2 million. Although too expensive for Pakistan, these cars will target the mass EV market rather than a particular niche, according to Xiaomi.
