China based designer and manufacturer of consumer electronics, home appliances and related software Xiaomi Corp. (HK: 1810) is set to start producing its own cars in the first half of 2024. This announcement was made by the company’s spokesperson on October 19.
The spokesperson said this while on an investor meeting which the company later confirmed and it was also reported by the local media in China. The company’s director in international marketing department, Zang Ziyuan, also posted the development on his Weibo verified account.
In the beginning of the year, the company announced that it’s planning to launch its electrical vehicle unit in 2024. Back in March, Xiaomi said it would commit an investment of $10 billion over the next decade towards its electric vehicle unit.
In recent times, the company has been increasing its hiring activities for the new unit, however Xiaomi has not yet disclosed whether it will be producing the electric cars independently or through a partnership.