While details about Xiaomi’s electric car have continued to emerge in recent days, there is a new news that Xiaomi’s electric car is expected to start mass producing in 2024 and it seems that Xiaomi is moving step by step towards their goals. Lu Weibing says that EV production is progressing quite well and the latest developments they achieved during the development of Xiaomi’s EV are even above expectations. A few days ago Xiaomi’s electric car battery details were revealed, the upcoming EV’s electricity consumption is quite efficient. If you want to read our previous article about Xiaomi’s electric car’s battery details, you can click here.
Xiaomi’s electric car to hit the roads in 2024
Lu Weibing, president of business department at Xiaomi, says that the production of Xiaomi’s electric car is a long-term plan and in the future they want to become the top 5 EV seller. Currently, Xiaomi is one of the top 5 smartphone manufacturers in 61 countries, according to Canalys reports, and entering the top 5 in the EV sector is a very ambitious goal indeed.
Xiaomi reported that their research and development expenses for the second quarter of this year amounted to 4.6 billion yuan, marking a 21% increase compared to the previous year. By June 30th, the count of research and development personnel had surged to 16,834, constituting 52% of the overall workforce. Xiaomi’s aspirations for growth extend beyond enhancing their existing products; they are looking to expand their portfolio with novel products. Xiaomi achieved an unprecedented net profit of $700 million in Q2 2023, setting a new record.
Xiaomi also managed to reduce their expenses compared to the same quarter of the previous year, in addition to increasing their net profit. Xiaomi wants to grow steady and in 2024 it is highly likely that Xiaomi’s electric car will enter mass production. Whether sales will start in 2024 is hard to predict at the moment, but it will certainly take time if Xiaomi wants to sell EVs globally. If everything continues to go positively as Lu Weibing tells us, we can easily see Xiaomi branded electric vehicles on the streets next year in China.
