© Reuters. FILE PHOTO: Xiaomi logos are seen in Hong Kong, China June 23, 2018. REUTERS/Bobby Yip
SHANGHAI (Reuters) – Xiaomi Corp Chief Executive Lei Jun said the Chinese smartphone maker will mass produce its own cars in the first half of 2024, a company spokesperson said on Tuesday.
The comments, which were made at a investor event, were first reported by local media and later confirmed by the company.
Zang Ziyuan, a director in Xiaomi’s international marketing department, also posted the news on his verified Weibo account.
The date marks the next major target for the company’s fledgling electric vehicle (EV) division, which Xiaomi formally announced earlier this year.
Xiaomi shares jumped 5.4% to HK$22.50, the biggest daily percentage rise since May 12, extending gains for the third straight session.
In March, Xiaomi said it would commit to investing $10 billion in a new electric car division over the next ten years. The company completed the business registration of its EV unit in late August. [L4N2Q310P].
The company has ramped up hiring for the unit, though it has yet to reveal if it will produce the car independently or via partnership with an existing carmaker.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
