ReutersXiaomi Corp Chief Executive Law Jun said the Chinese smartphone maker will mass produce its own cars in the first half of 2024, a company spokesman announced on Tuesday.
The comments, which were made at an investor event, were first reported by local media and then confirmed by the company.
Zang Ziyuan, director of Xiaomi’s international marketing department, also posted the news on his verified Weibo account.
The date marks the next big goal for the company’s fledgling electric vehicle (EV) division, which Xiaomi formally announced earlier this year.
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Xiaomi’s shares rose 5.4%, the largest daily percentage increase since May 12, extending its gains for the third consecutive session.
In March, Xiaomi said it would invest $ 10 billion in a new electric car division over the next 10 years. The company completed business registration for its electric vehicle unit in late August.
The company has increased hiring for the unit, though it has yet to disclose whether it will produce the car independently or through a partnership with an existing automaker.