Chinese smartphone maker Xiaomi will start producing its own electric vehicles in the first six months of 2024, its Chief Executive Officer announced in a CNBC report.

  • Chief Executive Lei Jun made the announcement in a post on China’s Twitter-like service Weibo, bringing the company’s shares in Hong Kong up over 5% on Tuesday.
  • Xiaomi will compete with Chinese incumbents Nio and Xpeng, as well as American carmaker Tesla and China’s BYD Co. Ltd. Researchers expect vehicle sales in China to hit 1.9 million in 2021, up 51% from a year ago.
  • Xiaomi in March unveiled plans to enter the electric car industry, with plans to invest $10 billion in the next ten years. It registered its electric vehicle business Xiaomi EV Inc. in September.

Xiaomi EV had 300 employees as of September. 1810 is up 5.39%.