Steph Deschamps / October 20, 2021
Chinese smartphone giant Xiaomi announced on Tuesday that it wants to start production of electric vehicles by early 2024. Xiaomi's international marketing director Zang Ziyuan confirmed the information on Tuesday on his Weibo account.
In March this year, Xiaomi had announced its foray into the electric car market and revealed its intentions to invest $10 billion in the business over a 10-year period. In September, the electric vehicle brand Xiaomi EV, Inc had been officially registered. Xiaomi EV's first factory will be based in the Beijing suburb of Yizhuang. The brand is headed by Lei Jun, founder of Xiaomi. The release of an electric car is not a publicity stunt, the CEO reacted. It just so happens that cars have gone from being ordinary means of transportation to being smart, technological devices. The advent of the electric car is another step in building its own ecosystem, where everything is focused on comfort and improving the user experience.
The race to dominate China's electric vehicle market is heating up, with not only Xiaomi but other brands such as search engine Baidu also announcing an autonomous electroqi vehicle company in January and appointing a CEO afterwards. Names like Nio, Xpeng and Elon Musk's Tesla are also forces to be reckoned with.