Chinese tech giant Xiaomi hopes to launch its first electric car in 2024, and the related project has entered a fairly mature stage. Currently, the company is perfecting its production plans.
Xiaomi will set up a new manufacturing plant in Beijing dedicated to the production of the company's upcoming electric vehicles. According to Xiaomi, no less than 300,000 cars will be produced every year. Production work is expected to begin in 2023.
Xiaomi wants to prepare the necessary inventory for the launch of new cars in 2024. If everything goes according to plan, then in the next few months, we can expect to see a prototype of Xiaomi.
Interestingly, Xiaomi does not want to target the Chinese market only. The company wants its electric cars to be sold internationally because it wants to compete with Tesla and Apple cars in the automotive space.
Apple is currently one of Xiaomi's main competitors in the technology market. The company is also developing its own electric vehicle, although the project is expected to be completed in 2025. According to people familiar with the matter, Apple is developing an electric vehicle with autonomous driving capabilities and focusing on technology, and Xiaomi is also expected to apply similar technology in its own models.
Apple and Xiaomi's investments in the auto market have caught the attention of traditional automakers, though some are deliberately downplaying the impact of the tech giants' appearances in the automotive industry.
BMW Chief Financial Officer Nicolas Peter said earlier this year that the company is not afraid of the projects, explaining that competition actually helps to push the level of innovation further.
"It helps incentivize other companies." He said.
Peter explained that once Apple enters the auto market, other companies will also invest heavily in competitive products.