Xiaomi is currently the second-largest smartphone manufacturer, with only Samsung surpassing its market share by a slither of a margin. With a worldwide presence and brand recognition reaching new heights, the company is looking into expanding its presence in the electric automotive market. In that sense, Xiaomi would be one of many consumer electronic brands looking into entering this growing market. Apple’s Project Titan is just one example, with Foxconn already introducing three electric vehicles last Monday. It seems that the electric vehicle market is about to become a rather competitive one sooner than later.
Is This the First Official Xiaomi EV Involvement?
Just a month ago Xiaomi made it clear on their official blog that the company has invested large capital into electric vehicle initiative, both in financial resources as well as manpower in terms of research and development staff. During 2019, Xiaomi also partnered with Bestune, a Chinese automaker, in order to design and manufacture the Bestune T77, also known as the Redmi SUV.
However, this car came with a turbocharged 1.2L petrol engine, but there is more to car development other than the drivetrain type on its own. This collaboration has most likely given Xiaomi the chance to experience the entire process of car design, a knowledge that will be valued highly in their upcoming challenges of manufacturing their own electric cars.
According to Lei Jun, CEO of Xiaomi, their efforts in terms of the Xiaomi EV project are actually proving to be more than efficient, even probing ahead of schedule:
Xiaomi EV is ahead of schedule. Aiming for mass production in 2024 H1. pic.twitter.com/DKXHdXty2Y
— leijun (@leijun) October 19, 2021
As a result, Xiaomi’s shares have jumped nearly 6%, reaching HK$22.5, which is the result of positive and continuous efforts by the company to actually provide what they announced with registering their vehicle business in February of this year.