Xiaomi to unveil prototype of its first electric car, due in 2024

Xiaomi has been registering its new business in the electric vehicle segment since last year, hitting the road with a team of 300 employees and a budget of $10 billion allocated over the next 10 years.

Xiaomi CEO Lei Jun confirmed at a presentation to investors the company’s launch into the electric-powered car business no later than the first half of 2024.

The new Xiaomi EV brand comes with an initial capital of $1.55 billion, more than any emerging startup would hope for. And that’s just the beginning, with the Beijing-based company announcing investment plans as early as March this year that will reach $10 billion over the next 10 years.

Xiaomi says its new EV team has conducted “extensive user studies” over the past year. It has also approached various industry partners for “EV product definition and team formation”. However, the prototype of Xiaomi’s first electric car is signed by HVST Automobile Design, a company that has also delivered such concept cars for other Chinese bands

Following the demonstration stage, the future car’s design will continue to be refined at Xiaomi’s funded R&D center in Yizhuang County, aiming to deliver a commercial product during 2024.

Best known for its smartphone and internet-connected device offerings, Xiaomi joins an already crowded space in the Chinese market. Names like Nio and Xpeng have already built a reputation as competent solution providers in the EV segment, alongside Tesla and BYD, both of which are US-funded.

Most likely, Xiaomi’s first generation of electric cars will debut as an exclusive for the Chinese market, with the factory built in Yizhuang sized for 300,000 cars delivered annually (150,000 units in the first phase).

With as yet unspecified names, Xiaomi’s future cars will fall into two price classes, ranging from the equivalent of $22,200 to $29,600, and $29,600 to $44,400 respectively. Both variants will feature autonomous driving technologies.