Forget phones, Xiaomi cars to soon hit roads. Timeline revealed, check details
Xiaomi has quite a massive say in the wide arena of consumer electronics goods but the temptation to enter the automobile industry is just too much to ignore, perhaps. While the Chinese company already has a footprint in the world of mobility courtesy its electric scooties, the first-ever Xiaomi car will hit roads as early as the first half of 2024.
As per a Reuters report, Xiaomi Corp Chief Executive Lei Jun has confirmed that the company will play the field on its own and will mass produce its own vehicles. The confirmation reportedly came during an investor event and has since been confirmed by the company.
Xiaomi shares saw a noticeable jump post the confirmation but it is the automobile world that may have stood up to take note. Xiaomi entering the electric car space could mean a possibly dominant play in China which is the world's largest automobile as well as electric vehicle market. A chunk of the pie here could well come at the cost of other local as well as global players already present.
Xiaomi had previously confirmed it plans to invest $10 billion in its new electric car division over the course of the upcoming 10 years.
Xiaomi is not the only consumer electronics' company looking at making inroads into the world of automobiles and mobility. Project Titan of Apple, for instance, is a closely guarded secret but it is still known that the ultimate objective is to roll out an electric vehicle. Then there is Foxconn, the iPhone partner of Apple, which revealed three electric vehicles on Monday. Huawei, another Chinese company, also has plans of entering the fray. Others like Google and Amazon have been testing autonomous vehicle technology too.
Many believe the advent of electric vehicles has made the leveled the playing field by quite an extent. US-based Tesla is the global leader but traditional auto companies like Volkswagen, Ford, Hyundai, Toyota and others are also looking at ramping up battery-powered options on offer.