[Gadgest] Xiaomi has invested 435 million dollars in the development of electric vehicles and will start series production in mid-2024

[Draeno]

 

This month marks two years since Xiaomi's official announcement to enter the electric car market. The first "battery-powered" car in the smartphone manufacturer's range will arrive in 15 months.

this is what we know
Lei Jun, CEO of the Chinese company, spoke at the Parliament of the People's Republic of China. The senior executive claimed that Xiaomi has invested 3 billion yen (~$435 million) in its electric car division.

In the spring of 2021, Lei Jun promised an initial investment of 10 billion yen (~1.45 billion USD) and a total investment of 10 billion USD within a decade. Since then, Xiaomi has managed to establish a car manufacturing plant. The CEO of the company pointed out that he spends half of his working time in this particular area, with a team of up to 2,300 people.

The Xiaomi chief said during a speech in parliament that mass production of electric cars will be launched by mid-2024. The new direction will be beneficial for the company amid falling smartphone shipments. At the end of 2022, the market was below 300 million units for the first time in 10 years, and Xiaomi's sales fell by 20%.

Source: scmp

 

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