Xiaomi Gets Permission To Manufacture Electric Vehicles, Aims For Mass Production By 2024

Amid the rising demand for electric vehicles, Chinese smartphone manufacturer Xiaomi is all set to enter the EV market after China's state planner, the National Development and Reform Commission (NDRC), gave its nod to the smartphone maker to manufacture electric automobiles. According to a report by Reuters, Xiaomi is likely to start manufacturing electric cars by next year.

To manufacture EVs, Xiaomi will have to get approval from China's Ministry of Industry and Information (MIIT), the Reuters report further stated. Modena, internally known as MS11, Xiaomi's first-ever electric vehicle, has already been introduced in March. When launched, Xiaomi's Modena or MS11 will compete with the Tesla Model S in China.

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Xiaomi enters the EV market

Xiaomi will also be the newest player in the market once it starts making electric cars, alongside a number of other tech giants who have been attempting to enter the electric vehicle manufacturing industry. Big names in the global technological industry like Apple and Sony have already expressed interest in manufacturing electric automobiles. Sony carried things a step further by displaying a model of an electric vehicle that it has been working on with Honda.

Xiaomi’s goal as an EV manufacturer

Considering Xiaomi's goal to produce cars, the company is committed to investing $10 billion in the industry over the course of ten years. The smartphone giant has targeted the first half of 2024 for the mass production of its first vehicles. The company has built a factory in Beijing that can produce 200,000 electric cars annually.

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According to the Reuters report, Xiaomi plans to build roughly 100,000 electric vehicles by 2024. As it is gearing up for production growth in December, it has started hiring staff for its EV facility. An interesting fact is that the company intends to use thousands of its stores as showrooms for the impending electric cars in China.