Xiaomi wants to beat out other tech giants in the market for electric vehicles by releasing their own model first. The Chinese smartphone tycoon reportedly took the next logical step into the world of electric vehicles, as reported by the local press.
The first Xiaomi EV trial production run has been underway for over a month. The company is producing around 50 vehicles per week, enough to conduct all necessary road tests and work out any remaining production kinks.
The National Development and Reform Commission (NDRC) has given the go-ahead for Xiaomi to begin selling its electric vehicles. Each model still needs approval from China’s MIIT (Ministry of Industry and Information Technology). After that point, it will be up to Xiaomi to increase production and set a release date for its automobiles.
Xiaomi EV Funding
Xiaomi has allocated a total of $10 billion for the first 10 years of its new automotive arm, with RMB 1.4 billion ($191 million) being invested in the business during the second quarter of this year alone.
It seems that Xiaomi EV, the first electric vehicle has successfully completed both summer and winter testing. The president of Xiaomi, Lu Weibing, has stated that the company plans to begin mass production of its first electric vehicle model by the beginning of 2024. Furthermore, we eagerly anticipate its debut.