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China’s Xiaomi plans to mass produce its own electric cars in 2024

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Lei Jun, Xiaomi CEO, holds a press conference about Xiaomi’s new logo on March 30, 2021 at Beijing.

Visual China Group | Visual China Group | Getty Images

GUANGZHOU, China — Chinese smartphone XiaomiLei Jun, CEO of the company said Tuesday that it expects to produce electric cars in mass production by 2024.

These comments were made at the company’s investor conference and later confirmed by the CEO in a post on China’s Twitter-like site. Weibo

Xiaomi shares rose more than 5% in Hong Kong on Tuesday.

CNBC Pro provides more details about electric vehicles

Xiaomi’s official launch of an electric car will see it face competition with Chinese competitors like Nio XpengAside from larger automakers, such as Elon Musk’s TeslaBYD.

China’s growing market for electric cars has been helped by government support. Although some support was reduced in recent years, there is still a growing market.  

Canalys Market Research predicts that China’s electric vehicle market will reach 1.9 Million by 2021. That figure is up 51% from the previous year.

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