Xiaomi cars will stand on the conveyor in 2024

Xiaomi cars will stand on the conveyor in 2024


Today, Xiaomi boss Lei Jun officially announced at the annual meeting with investors (2021 Investor Day) that his company will begin car production in the first half of 2024. The functionary did not disclose the topic, but what was said was enough for the shares on the Hong Kong stock exchange to break the May record, jumping 5.4% (to $ 2.9 apiece). Jun’s demarche is likely related to yesterday’s demonstration of the Foxtron brand prototypes.

Inscribed above Jun’s head: “Progress in the automotive industry is beyond expectations. The mass production of Xiaomi vehicles should start in the first half of 2024. ” It looks like a coupe or compact sedan is hiding under the coverlet, if this is not just a picture from a photo bank.

Xiaomi’s Weibo account posted a dark teaser on June 28 with the caption “Build a car? We are not kidding! ” The poster was quickly removed, and Xiaomi explained that the trainees who made the mistake had already been fined. A poster soon appeared advertising a scale (1:16) radio-controlled model of the Suzuki Jimny all-terrain vehicle for 179-199 yuan (28-31 dollars). The sediment remained.

From the document that Xiaomi posted on Twitter on March 30, it is known: the company is going to release smart electric vehicles. Investments at the initial stage will amount to 10 billion yuan ($ 1.56 billion) and within ten years will reach $ 10 billion. On September 1, two subsidiaries were registered: Xiaomi Automobile Co., Ltd. in Beijing and Xiaomi EV Limited in Hong Kong. Both are led by Lei Jun himself.

Meanwhile, Geely Holding (ZGH) announced on September 28 that it will release its first smartphone by 2023. According to Reuters, the smart devices will be manufactured in Wuhan and Geely hopes to sell 3,000,000 units in its first year of sales. You will have to compete with Apple, Samsung, Huawei and Xiaomi.

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