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Xiaomi CEO Lei Jun holds a press convention about Xiaomi’s new brand and Xiaomi’s automobile constructing on March 30, 2021 in Beijing, China.
VCG | Visible China Group | Getty Photographs
GUANGZHOU, China — Chinese language smartphone Xiaomi is anticipating to mass produce its personal electrical automobiles within the first half of 2024, its CEO Lei Jun stated on Tuesday.
The feedback have been made in the course of the firm’s investor day and confirmed later in a submit by the CEO on China’s Twitter-like service Weibo.
Xiaomi’s shares in Hong Kong jumped over 5% on Tuesday.
When Xiaomi formally launches an electrical automobile, it’s going to face off towards its Chinese language rivals like Nio and Xpeng in addition to bigger automakers like Elon Musk’s Tesla and BYD.
China’s electrical automobile market has had favorable authorities assist over the previous couple of years which helped the business develop. Whereas a few of that assist has been diminished, the market continues to be rising.
Market analysis agency Canalys forecasts 1.9 million electrical automobiles shall be bought in China in 2021, rising 51% year-on-year.
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