Chinese smartphone maker Xiaomi stated that it will present a showcase for its electric vehicle (EV) technology at a forthcoming event. Xiaomi's founder and Chief Executive officer (CEO), Lei Jun, posted on social media platform X that the EV technology will be showcased at the Stride event. He also stated that they will not include the reveal of any products.
To gain a share of the EV market, Xiaomi obtained permission from China's National Development and Reform Commission (NDRC) to make EVs. This commission oversees funds and manufacturing capacity in China's auto industry. Previously, Xiaomi had stated that it will invest $10 billion in the EV sector.
The Stride event is set to take place on December 28 at 2:00 pm China time (11:30 am IST). Xiaomi is planning to make its first set of cars by the first half of 2024. Xiaomi tested one of its EV models, codenamed 'Modena', in China's Inner Mongolia Autonomous Region earlier this year.
The company has been actively hiring experts from around the world to advance in-house autonomous driving technology.
In August, Reuters reported that Xiaomi plans to produce about 100,000 EVs next year.
Xiaomi is making the shift to diversify away from its main smartphone business amid slumping demand for gadgets. Data from Counterpoint showed that smartphone sales in China fell 4 per cent year-on-year in the second quarter of 2023, reaching the lowest Q2 sales figure since 2014.
In March 2021, Xiaomi formally announced its entry into the automotive industry with a new smart electric vehicle (EV) business.
In March 2021, Xiaomi formally announced its entry into the automotive industry with a new smart electric vehicle (EV) business.
