Chinese smartphone maker Xiaomi said it plans to begin mass-producing its electric cars in the first half of 2024, a company spokesperson said, citing comments from CEO Lei Jun. The statements made at an 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 following primary target for the company’s fledgling EV division, which Xiaomi formally announced earlier this year.
In March, Xiaomi said it would invest $10 billion in a new EV division over the next ten years. The company completed the business registration of its new unit in late August.
The company has ramped up hiring for the unit, though it has yet to reveal if it will produce the car independently or via a partnership with an existing automaker.
Xiaomi EV to hit the market soon; what it means for Indian roads
Xiaomi has never missed tapping the broad and diverse Indian market, whether smartphones or IoT and home tech.
Chinese smartphone maker Xiaomi is all set to ride the EV wave. Xiaomi announced that it had registered a car company called Xiaomi Quiche with co-founder and chairman Lei Jun as the CEO. Xiaomi CEO Lei Jun also added that the Chinese smartphone maker will mass-produce its cars in the first half of 2024
What Xiaomi EV means for Indian roads –
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More competition, more choices:
Currently, Indian EV enthusiasts have very few options to select. Xiaomi is the world’s second-largest smartphone maker by market share; its entry into the growing EV market will bring new competition to existing upstarts.
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Tesla vs Xiaomi:
While Tesla’s entry in India has been a bumpy ride, and we expect Xiaomi to hit Indian roads much soon enough.
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Fight for the Indian market:
Be it smartphones or IoT and home tech, Xiaomi has never missed out on tapping the vast and diverse Indian market. Xiaomi may launch its EV in India with equal or even louder pomp and show.
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Diplomatic hiccups:
Being a Chinese company, Xiaomi may face some heat from the Indian Government over security and privacy concerns. The Indian govt reportedly recently served a notice to Chinese smartphone giants, including Xiaomi, over privacy concerns.
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Job prospect for Indian techies:
Since Xiaomi announced plans to make EVs in March, the company has hired about 300 of 20,000 applicants for the EV subsidiary and is seeking more staff. Xiaomi would not want to miss out on the Indian talent pool and set up a plant in India if the ride goes smoothly.
Smartphone producer Foxconn announces an electric car venture.
Foxconn Technology Group, the Taiwanese company that manufactures smartphones for Apple Inc and other global brands, announced plans to produce electric cars for auto brands under a similar contract model.
Foxconn, also known as Hon Hai Precision Industry Co, enters a crowded global market with electrics offered by almost every established automaker and dozens of ambitious start-ups.
The flagship Model E sedan, developed with Italian design house Pininfarina, is due to be launched in 2024, the company said. It said the Model E would seat five and have a range of 750 kilometres on one charge.
Liu mentioned automakers Fisker Inc and Taiwan’s Yulong Group as clients.
Last week, the newspaper Taiwan News said other potential customers include Stellantis, the automaker formed by the merger of FIAT Chrysler and Peugeot, but Liu did not confirm that.
Foxconn said its first electric bus, the Model T, will have a range of fewer than 400 kilometres on one charge.
