Xiaomi is gradually increasing the size of its team working on the electric mobility project. The company has released its financial report stating the details of the 13,919 crew working in the R&D department. Out of the lot, the Chinese manufacturer has dedicated 500 members for the development of its first electric car.
Xiaomi Electric Car
Xiaomi‘s electric automobile is slated to enter the EV space by the first half of 2024. However, the company has not revealed the kind of vehicle it is planning to launch in the first move. Meanwhile, the released financial papers surely tell us that the company is slowly taking steps towards its EV goals.
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In August 2021, Xiaomi acquired the Beijing-based autonomous driving startup DeepMotion to strengthen its electric project. The timeline suggests that the mass production of Xiaomi electric vehicles will start in the early months of 2023 and the company could announce the official arrival later in 2024. The smartphone brand has already registered its EV business in its native country undersigned by Lei Jun, founder, Xiaomi.
For investment, the company has already allocated 10 billion yuan to its EV subsidiary which should be spent in the 10 following years. Also, Xiaomi will invite outsider investors in the next three years to raise a fund of up to 100 billion yuan.
The things at Xiaomi seem to be definitely moving and going forward, we can expect more information through leaks, rumors, and official revelations. Incidentally, its competitor Oppo is also reportedly working on an e-scooter and a Nano-esque electric car.