Xiaomi announced its foray into the electric vehicle sector earlier this year, and the company’s most recent financial report indicated that the company is on pace to meet its objective. Chinese authorities have also verified that Xiaomi’s facility will begin mass production in 2024, a goal that the company’s Chief Executive, Lei Jun, set for the company earlier this year. Xiaomi officially registered its new electric vehicle firm in August, with a capital of 10 billion Yuan (about Rs 11,000 crore) in place. Lei Jun has been appointed as the legal representative of the corporation by the board of directors. Jun will also serve as the president and chief executive officer of the new smart electric car business. Jun stated that the organisation currently employs a total of 10,000 individuals in the field of research and development. It will spend an additional 5,000 dollars to make its fresh notion a reality. In addition, it employed around 300 people to work on the EV initiative. The business said that it was prepared to invest $10 billion (approximately Rs 73,000 crores) in its electric vehicle sector over the next ten years, with the money to be spent over a ten-year period. Xiaomi has not yet revealed the specifics of this investment, which is expected soon. Since its March announcement, Xiaomi claims to have performed more than 2,000 interview surveys and visited more than ten industry partners, among other things. Deepmotion, a firm developing autonomous driving technology, was also bought by the corporation for a total of more than $77 million (roughly Rs 562 crores). Xiaomi intends to use the funds raised from the acquisition to further its research and development initiatives. Xiaomi isn’t the only smartphone manufacturer considering a foray into the electric vehicle market. Apple has been working on the concept for quite some time, but it appears to be encountering a number of difficulties, which might lead the project to be postponed. Oppo has also stated that it plans to release an electric vehicle in the near future.
