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Smartphone manufacturer is setting the pace: Xiaomi wants to bring the first electric car onto the market as early as 2024

The fact that Apple has been working on its own electric car for some time is an open secret, even if not much is known about the status of iCar development. And now a rival from the smartphone business is making great strides into the automotive sector: Xiaomi reports that Xiaomi plans to launch its first electric car in the first half of 2024 and add three more models in each of the three following years a new model every year.

As the Internet portal “cnevpost.com” reports with reference to the Chinese media, Xiaomi had the car subsidiary Xiaomi EV Inc. written into the company register on September 1st with a registered capital of around 1.5 billion US dollars, which was mainly made up of from the sale of smartphones, tablet computers and other electronic products. The head of the new automaker is Lei Jun, the founder and CEO of the parent company.

Billions in investments

In the three years after the planned market launch of the first model, the group wants to achieve sales of 900,000 cars. According to the information, Xiaomi has already recruited 300 employees for the car unit and is looking for more experts. Nothing precise is known about the planned models and sales regions as well as possible collaborations with contract manufacturers.

In March, Xiaomi announced that it would invest the equivalent of around ten billion US dollars in electric car development within the next ten years. According to a report by the BBC, Xiaomi is the third largest smartphone manufacturer in the world behind Apple and Samsung. For a number of years, the company’s products have also been available in European countries. (mer)

Also read:

Smartphone specialist: Xiaomi announces electric car

Apple’s Top Secret Auto Project: What’s the Progress on iCar?

VW Concept ID Life: Small car should use the driver’s smartphone

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Lenny Li

I started to play with tech since middle school. Smart phones, laptops and gadgets are all about my life. Besides, I am also a big fan of Star War. May the force be with you!

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