Xiaomi prepares for large-scale production of its first electric vehicle in 2024

At Xiaomi's recent investor day, there was a lot of excitement surrounding the company's plans for cars. The CEO, Lei Jun, revealed that he devotes half of his efforts and attention to the automotive division and a quarter to the company's mobile phones, IoT, and high-end products.

Xiaomi's first electric vehicle to be mass produced in Q1 2024

Xiaomi's automotive R&D team, which has grown to over 2,300 members, is making steady progress towards its goal of mass producing its cars in the first quarter of 2024. The team's efforts have exceeded expectations, with the soft-film car being produced in September and winter testing starting in December.

Lei Jun emphasized the importance of autonomous driving in Xiaomi's entry into the automotive industry. The first phase of their autonomous driving effort will include testing on over 140 vehicles across the country. The aim is to establish a leading position in the industry by 2024.

Regarding profitability, Lei Jun stated that Xiaomi is focusing on software profits, similar to their approach with mobile phones. The future of cars presents opportunities for integrating various services beyond just sales and after-sales support.

Xiaomi has set up its own automobile facility in Yizhuang, Beijing, which serves as the sales and R&D headquarters. The company plans to build a vehicle factory with a yearly capacity of 300,000 vehicles, with the first car expected to be produced in 2024.