Several reports last year stated that Xiaomi intends to launch its first electric vehicle (EV) in 2024. According to a recent update, the tech titan will unveil the concept car in August 2022.
According to Sina Tech, Xiaomi’s founder and CEO Lei Jun will reveal the car next month. It goes on to say that Jun devotes the majority of his attention and time to overseeing the EV’s development.
Xiaomi will begin testing the car as soon as the concept is revealed. It also intends to start mass production in 2024.
The company announced its entry into the EV market in March 2021, with a $1.5 billion initial investment. The company also revealed a plan to invest $10 billion in its newly registered enterprise, Xiaomi Auto Co., Ltd., over the next ten years.
Its Yizhuang manufacturing facility will have an annual production capacity of 30,000 units.
According to reports, the company intends to launch supermini and subcompact vehicles. The supermini car will have level-2 autonomous driving features, while the subcompact car will have level-3.
The supermini EV will cost approximately Rs. 4.6 million, while the subcompact EV will cost approximately Rs. 6.2 million. Although too expensive for Pakistan, Xiaomi claims that these vehicles will target the mass EV market rather than a specific segments.
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