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

Xiaomi CEO Lei Jun holds a press meeting about Xiaomi’s new brand and Xiaomi’s automobile constructing on March 30, 2021 in Beijing, China.

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GUANGZHOU, China — Chinese smartphone Xiaomi is expecting to mass develop its very own electrical autos in the to start with half of 2024, its CEO Lei Jun reported on Tuesday.

The opinions have been designed through the firm’s investor day and verified later in a write-up by the CEO on China’s Twitter-like service Weibo.

Xiaomi’s shares in Hong Kong jumped over 5% on Tuesday.

Study more about electrical autos from CNBC Professional

When Xiaomi officially launches an electric powered automobile, it will confront off from its Chinese rivals like Nio and Xpeng as very well as larger sized automakers like Elon Musk’s Tesla and BYD.

China’s electrical automobile current market has had favorable federal government aid in excess of the last handful of a long time which aided the sector develop. When some of that guidance has been diminished, the market is however expanding.  

Industry investigation business Canalys forecasts 1.9 million electric powered motor vehicles will be bought in China in 2021, escalating 51% yr-on-12 months.