After Xiaomi, one of the China-based technology manufacturers, introduced its subsidiary that will produce electric cars at an investor meeting held in March this year, the CEO of the company officially confirmed that electric vehicle production is on the way. According to Lei Jun, the first mass production will begin in the first half of 2024.
Xiaomi completed the registration of its EV (Electric Vehicle) arm in August and plans to invest $10 billion in the company over the next ten years. He also bought DeepMotion, a company that also works on autonomous driving technologies, and started hiring crazy employees for the new company.
However, it remains unclear whether Xiaomi plans to manufacture the car in-house or will supply its production to a third-party company, possibly an existing automaker. Considering the high barrier of the automobile manufacturing business, hiring another company makes more sense.
