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(Bloomberg) Xiaomi Corp. posted its first revenue gain in almost two years, a welcome boost for a smartphone maker that’s begun aggressively attacking its Chinese rivals with higher-end models at home and abroad.Most Read from BloombergThe Doomed Mission Behind Sam Altman's Shock Ouster From OpenAIMicrosoft Ends Weekend of OpenAI Drama With Coup of Its OwnOpenAI Leaders' Efforts to Bring Back Altman Reach Impasse Over Board RoleOpenAI’s Murati Aims to Re-Hire Altman, Brockman After ExitsOpenA
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Take one look at the upcoming lineup of cars and trucks and you'll notice a trend. More and more car makers are launching electric-powered cars, including the likes of Nissan, Chevy, Hyundai, and more. Although it won't be happening in 2022, Xiaomi is gearing up to make a play in the EV market. Today, the company announced (via Electrek) that its first car is "expected to be mass-produced" in H1 of 2024. According to Chairman Lei Jun, Xiaomi is "progressing far beyond" expectations. Back in March of this year, Xiaomi announced that it is committing $10 billion to a new electric car division over the course of the next ten years. And a new business registration for a spin-off EV company was made in August. Following the launch of its first car in the first half of 2024, a report claims that Xiaomi will then release a new car in "each of the following three years". Xiaomi is also looking to make a bit of a splash, as it hopes to sell around 900,000
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