Business & Investment

Xiaomi says it’s committed to mass-producing its cars in the first half of 2024-Reuters spokeswoman

© Reuters. File Photo: The Xiaomi logo will be seen in Hong Kong, China, June 23, 2018. REUTERS / Bobby Yip

Shanghai (Reuters)-Xiaomi (OTC :) Corp CEO Lei Jun announced that Chinese smartphone makers will mass-produce their cars in the first half of 2024.

Comments made at the investor event were first reported by the local media and later confirmed by the company.

Xiaomi’s director of international marketing, Zang Ziyuan, also posted news on a verified Weibo (NASDAQ :) account.

The date marks the next major goal of Xiaomi’s up-and-coming electric vehicle (EV) division, officially announced earlier this year.

Xiaomi’s share price rose 5.4% to HK $ 22.50, the highest daily rate of increase since May 12, expanding the rise in three consecutive sessions.

Xiaomi announced in March that it promised to invest $ 10 billion in the new electric vehicle sector over the next decade. The company completed business registration of the EV unit in late August. [L4N2Q310P]..

The company has increased the adoption of this unit, but it is not yet clear whether it will produce the car independently or through a partnership with an existing automaker.

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Xiaomi says it’s committed to mass-producing its cars in the first half of 2024-Reuters spokeswoman

https://www.investing.com/news/stock-market-news/xiaomi-to-mass-produce-its-own-cars-in-h1-2024-executive-2647458 Xiaomi says it’s committed to mass-producing its cars in the first half of 2024-Reuters spokeswoman

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