Xiaomi is well on track to launch its first electric vehicle in the first half of 2024. The smartphone maker announced its entry into the EV segment earlier this year.
Xiaomi had earlier this year announced its entry into the Electric Vehicle category and now its Chief Executive Officer has confirmed that the company will start production soon.
The Chinese group plans to invest USD 10 billion over the next 10 years
Recently, reports came in that Apple was planning on building a self-driving electric car and now, another smartphone tech giant is set to enter the playing field. Xiaomi, the Chinese tech conglomerate, has announced its expansion into the EV sector with plans to invest in a subsidiary that will focus on the development of smart EVs.
Initially, Xiaomi will invest USD 1.5 billion (Rs 11,016.8 crore) as part of the total USD 10 billion (Rs 73,445.5 crore) planned for the next ten years. Lei Jun, CEO of the Xiaomi Group, will serve as the CEO of the subsidiary as well.