Xiaomi’s CEO claims that the company will mass produce its own cars in H1 2024.

According to a company spokeswoman, Xiaomi Corp (1810. HK) Chief Executive Lei Jun stated that the Chinese smartphone firm will mass-produce its own cars in the first half of 2024.

Local media initially reported the remarks, which were made at an investment gathering, and the corporation later confirmed them. Xiaomi’s international marketing director, Zang Ziyuan, also shared the news on his verified Weibo account.

Xiaomi’s budding electric vehicle (EV) subsidiary, which was formally unveiled earlier this year, has set the date as the next important milestone. Xiaomi shares rose 5.4 percent to HK$22.50, the highest daily percentage gain since May 12, extending advances for the third day in a row.

Xiaomi announced in March that it would invest $10 billion over the next ten years in a new electric car segment. In late August, the corporation completed the business registration of its EV segment. L4N2Q310P.

The business has increased hiring for the unit, although it has yet to say whether it would produce the automobile on its own or in collaboration with another manufacturer.

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