Tuesday, December 7, 2021

Xiaomi aiming to launch first Electric Vehicles in 2024

In March this year Xiomi announced plans to manufacture EVs and completed the trade registration of its new car subsidiary earlier this month. New details are now emerging about Xiaomi’s electric car plans. The Company now plans to launch its first model in 2024.

Xiaomi is planning to invest $10 billion in the electric car business over the next 10 years. The Competition in China is certainly heating up with this new entrant. China is already home to some of the best EV Companies in the World such as Nio & Xpeng. Tesla China might also feel the heat now. We recently reported that Tesla’s China Sales for July just came out and they were not amazing. Things might get even more competitive now.

According to reports in Chinese media, the company’s first model will be launched in the first half of 2024. Another model is to follow in each of the following three years. It is also said that Xiaomi expects to sell 900,000 vehicles within the first three years. The media reports refer to “persons familiar with the matter” but have not been followed by official announcements from the company itself.

The Chinese industry service CINNOResearch, cites anonymous sources, saying that Xiaomi wants to take a two-pronged approach to ramping up production by buying an existing plant and building another on its own. Xiaomi is said to be eyeing the Borgward plant in Miyun Park in Beijing aiming for a relatively short lead time for the start of production.

The production capacity at the plant is said to be 180,000 units per year. According to information from CINNOResearch, the second plant that the new subsidiary is planning to build on its own could be located in Wuhan’s Hannan district.

See also  Tesla launched its 1000th Supercharger station in Shanghai

According to an earlier report by Reuters, Xiaomi is alternatively said to be in a deal with Great Wall Motor. Reuters reports that although Great Wall is not yet active as a contract manufacturer it has offered its services in this case. So far no official confirmations have been revealed. In the smartphone sector, Xiaomi also works closely with iPhone producer Foxconn, which has itself unveiled an electric car platform called MIH and has also set up an eMobility contract manufacturer with Geely.

Xiaomi itself has made a name for itself as a smartphone manufacturer and is one of China’s most popular smartphone brands. Over the years, the company has also successfully established products in the field of household electronics, such as battery-powered hoovers or air purifiers.

The entry into the automotive market is now to be financed primarily from the company’s own funds: According to the annual report for 2020, the group has cash of 100 billion yuan, around $15 billion.

There are not many news about what Models Xiaomi is planning but we will keep you posted as soon as we hear more.

Hi I'm Leanne. I'm a big fan of electric cars (drive a Model 3 myself) and support the movement to go electric! I hope you enjoy my Articles here on the website.
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