Xiaomi CEO says the company will mass produce its first car in 2024

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After announcing its electric car subsidiary back in March this year, during an investors' meeting, Xiaomi's CEO confirmed that its electric vehicle production is on track. In fact, Lei Jun believes the mass production of said car will start in the first half of 2024.

Xiaomi completed the registration of its EV arm in August and is planning to invest $10 billion in it in the next ten years. It has also acquired DeepMotion - a firm that works on self-driving technologies - and has been hiring employees for its new business like crazy.

However, it still remains unclear whether Xiaomi is planning to produce the car in house or it's going to source its production to a third-party company, likely an existing automaker. The latter is more plausible given the high barrier of the car manufacturing business.

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