Xiaomi's smart electric car to be launched in 2024
What's the story
Xiaomi will commence the mass production of its maiden electric car in the first half of 2024, CEO Lei Jun has announced. This means, the unveiling could happen sometime in 2023 or early-2024 and sales should start in H2 2024. In March, the tech giant had announced its entry into the automotive industry with an initial investment of CNY 10 billion ($1.52 billion).
Twitter Post
Take a look at the announcement
Xiaomi EV is ahead of schedule. Aiming for mass production in 2024 H1. pic.twitter.com/DKXHdXty2Y
— leijun (@leijun) October 19, 2021
Pricing
The electric car will be priced in the mid-range segment
Following on a survey conducted in April this year, Jun had announced that Xiaomi's first EV will either be an SUV or a sedan. The four-wheeler will be priced within a range of CNY 100,000-300,000 (around Rs. 11-34 lakh). The company's vision is to offer "quality smart electric vehicles to let everyone in the world enjoy smart living anytime, anywhere."
Operations
Xiaomi's EV subsidiary currently has around 300 employees
In September, Xiaomi had set up a wholly-owned subsidiary to commence and operate the new smart electric vehicle business. There are around 300 employees in this EV company and over the next 10 years, the company aims to invest $10 billion. At present, nothing is known about the electric car itself but Xiaomi will first launch it in the Chinese market.
Deals
The company has acquired DeepMotion to aid in EV development
Xiaomi recently spent $77 million to acquire an autonomous driving tech start-up called DeepMotion to aid in EV research and development. The company was also expected to join hands with Chinese automaker Great Wall Motors Company Limited to work on its first electric car, but we have not heard anything about this partnership from either of the brands.
Growing competition
Apple, Huawei, and Google see EVs as a viable business
Tech giants like Apple and Huawei also see the EV segment as a lucrative business. Apple is working on an autonomous EV venture called 'Project Titan' while its partner Foxconn has entered the EV market with three prototypes. Huawei is in talks with Changan Automobile to enter the EV vertical. Moreover, Amazon and Google are already testing their autonomous vehicle technologies.