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

Xiaomi CEO Lei Jun held a press conference about the new Xiaomi logo and Xiaomi car building on March 30, 2021 in Beijing, China.

VCG | China Optical Group | Getty Images

Xiaomi CEO Lei Jun said on Tuesday that the Chinese smartphone Xiaomi is expected to mass-produce its own electric cars in the first half of 2024.

The comments were made during the company’s investor day and were later confirmed in a post by the CEO on China’s Twitter-like service Weibo.

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

Read more about electric cars from CNBC Pro

When Xiaomi officially launches an electric car, it will take on Chinese rivals like Nio and Xpeng as well as bigger automakers like Elon Musk’s Tesla and BYD.

The electric vehicle market in China has received favorable government support over the past few years, which has helped the industry grow. While some of this support has been reduced, the market is still growing.

Market research firm Canalys predicts that 1.9 million electric vehicles will be sold in China in 2021, up 51% year-on-year.

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