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Technology

Xiaomi will produce large quantities of its cars in 2024

A spokesperson for Xiaomi said at an investor event that the Chinese smartphone maker will mass produce its own cars in the first half of 2024. The director of the company’s international marketing department also published the news via the official account within the Chinese Weibo platform.

This is not the first time that the company has talked about entering the electric vehicle market. In the first quarter of 2021, the company said it was taking the step, and the company’s president called electric vehicles one of the biggest business opportunities of the next decade at an earnings conference in May.

The date marks the next major target for the company’s fledgling electric vehicle division, which was officially announced by Xiaomi earlier this year.

The company said in March that it was committed to investing $10 billion in a new electric vehicle division over the next 10 years.

The company completed the registration of commercial activities for its electrical unit in late August. It has also acquired DeepMotion, a company working on self-driving technologies.

Recruitment operations for the unit were strengthened. This is although it has not yet revealed whether it is producing the car independently or in partnership with an existing car manufacturer.

The news comes after Foxconn, the maker of iPhones, revealed three electric vehicle prototypes. It plans to assemble electric vehicles for automakers and also assembles smartphones for Apple.

Read also: Xiaomi engages expert to assess allegations of Lithuanian censorship

Xiaomi enters the field of electric cars

Other big tech companies have announced plans for electric cars, too. Chinese search engine company Baidu revealed plans to enter the electric car market in January.

Apple is also said to be looking to enter the electric vehicle market. But it declined to comment multiple times on its auto plans.

These announcements mean that the electric car industry could be competitive in a few years. Car companies such as General Motors, Tesla and a host of technology companies can all compete for market share.

Although the 10 billion dollars that the Chinese company plans to spend seems large, in fact it is considered simple for the multi-billion dollar auto business.

Volkswagen plans to spend more than $80 billion on electric vehicles between now and 2025. General Motors is spending about $35 billion over the same period. Ford plans to spend about $30 billion over the next few years.

Moreover, the $10 billion Xiaomi plans to spend is estimated at 20 percent of its estimated sales for 2021. General Motors’ spending amounts to about 25 percent of its estimated sales. These numbers illustrate the difference in size between the ambitious companies in the field of electric cars.

Read also: Xiaomi phones do not censor users’ communications

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