Chinese smartphone maker Xiaomi Corp. plans to mass-produce its own electric cars in the first half of 2024.
According to Arabiya Net, these statements were quoted by CEO Lee Jun, through local media, during an investor event, and the company later confirmed them.
Zhang Ziyuan, director of global marketing at Xiaomi, also posted the news on his official Weibo account.
This date marks the next big target for the company's fledgling electric car division, which was officially announced by Xiaomi earlier this year.
Xiaomi's stock jumped 5.4% to HK$22.50, the largest daily percentage increase since May 12, extending gains for the third consecutive session.
Xiaomi said in March that it would commit to investing $10 billion in a new electric vehicle division over the next 10 years. The company completed the commercial registration of its electrical unit in late August.
The company has ramped up hiring for the unit, but has not yet revealed whether it will produce the cars independently or in partnership with an existing automaker.
