China’s Xiaomi plans to mass produce its personal electrical vehicles in 2024

Xiaomi CEO Lei Jun holds a press convention about Xiaomi’s new emblem and Xiaomi’s automotive constructing on March 30, 2021 in Beijing, China.

VCG | Visible China Group | Getty Pictures

GUANGZHOU, China — Chinese language smartphone Xiaomi is anticipating to mass produce its personal electrical automobiles within the first half of 2024, its CEO Lei Jun stated on Tuesday.

The feedback have been made throughout the firm’s investor day and confirmed later in a put up by the CEO on China’s Twitter-like service Weibo.

Xiaomi’s shares in Hong Kong jumped over 5% on Tuesday.

Learn extra about electrical automobiles from CNBC Professional

When Xiaomi formally launches an electrical automotive, it’ll face off towards its Chinese language rivals like Nio and Xpeng in addition to bigger automakers like Elon Musk’s Tesla and BYD.

China’s electrical automobile market has had favorable authorities help over the previous couple of years which helped the trade develop. Whereas a few of that help has been lowered, the market remains to be rising.  

Market analysis agency Canalys forecasts 1.9 million electrical automobiles will probably be bought in China in 2021, rising 51% year-on-year.

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