Xiaomi is said to be gearing up to unveil its first electric vehicle (EV) prototype in August.
Citing information from sources in Xiaomi and its partners, Chinese media Sina Tech claims Xiaomi founder Lei Jun will debut an engineering prototype at a public event in August. Soon after its debut, Xiaomi is believed to start a series of tests including its first winter test for the EV prototype.
Xiaomi recruited a team from Shanghai HVST Automobile Design and is looking for a PR director to plan marketing communications after the announcement in August. Xiaomi is aiming to mass produce the EV in 2024.
The Chinese company registered the EV unit in September 2021. It consists of a team of 300 employees and is led by Lei. The initial investment will be about $1.5 billion and the total investment over the next 10 years is estimated to be $10 billion.