Xiaomi on Track to Launch Its First Electric Car in Early 2024: Report
Nov. 27, 2021Xiaomi CEO Lei Jun, in his earlier statement, said that the company is well ahead of its expected schedule to launch its first electric car. So now, to keep the development moving at the same speed, Xiaomi is putting more resources into the research and development unit of the EV project.
According to a recent financial report, out of close to 14,000 employees in its research and development (R&D) wing, 500 of them are now actively working on the EV project. Xiaomi has also acquired an autonomous driving-focused startup named Deepmotion earlier this year and is planning to set up a subsidiary to further increase the pace of the project.
For those unaware, Xiaomi has already registered its EV company, Xiaomi EV, Inc., with a capital investment of 10 billion yuan, which is Rs 11,000 crore, to be spent over the next 10 years. Furthermore, Lei Jun has been appointed as the legal representative of the company post-registration.
According to previous reports, Xiaomi will initiallybuild and sell entry-level electric cars, before moving on to high-end and luxury models at a later stage. Moreover, in the EV department, the Chinese giant will compete against major automakers like Tesla, Porsche, and potentiallyApple,Oppo, and OnePlus even.
So, are you excited about Xiaomi’s first electric car? Do you think it is the right decision for the company to enter the EV market? Let us know your thoughts in the comments below.
A geek at heart, you’ll find me fidgeting with an iOS device or sitting in front of the laptop, scouring the internet to find interesting technological innovations. In my free time, you’d find me playing Valorant or listening to Pink Floyd.
