Xiaomi is preparing to produce cars at the Saab plant

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The Chinese smartphone maker plans to start producing self-developed electric cars in early 2024.

Shares of the Chinese IT giant Xiaomi have risen in price by 5% on the Hong Kong stock exchange — thanks to the announcement of the start of production of cars under its own brand. The electronics manufacturer’s electric cars are slated to launch in the first half of 2024.

The development of the transport segment in Xiaomi is proceeding rapidly:

Xiaomi EV, Inc. employs 300 people. Xiaomi’s management «held over two hundred meetings with industry experts, four senior management conferences and two board meetings» to define the transport strategy. The founder and permanent head of the entire Xiaomi group of companies, Lei Jun, personally led the team of engineers and managers of the new company. The company has already lured many talent from leading Chinese startups in the fields of IT, autonomous cars, robotics and microelectronics, and has taken over Deepmotion Tech, an automotive AI technology company.

Recently, unconfirmed information appeared that the Chinese could buy the Saab plant. The consortium NEVS, which now owns the Swedish brand and is trying to develop an electric 9-3 EV with a design of the classic «Sab», has announced serious financial difficulties.

Photos are taken from open sources.

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