Xiaomi expects to enter the top five leaders of the electric car market and annually sell 10 million cars

After the publication of the Chinese company Xiaomi quarterly reports, it became known that over the previous three months it had spent about $116 million on the development of innovative activities, including electric vehicles. This summer, the first prototype of an electric car of this brand was seen, and its market debut should take place in the first half of 2024. The founder of the company is convinced that Xiaomi will enter the top five market leaders and will be able to produce up to 10 million electric vehicles annually.

Image Source: Xiaomi

From the pages of the Weibo social network, according to CarNewsChina, the founder of the company, Lei Jun, expressed confidence that as the market for electric vehicles matures, up to 80% of its capacity will be able to be divided among the five leading manufacturers. For this reason, the only path to success for Xiaomi itself is the ability to produce at least 10 million electric vehicles annually. Recall that Tesla, considered one of the pioneers of the segment, expects to produce up to 20 million electric vehicles annually by the end of the decade, so the stakes in this business are quite high.

Xiaomi announced its intentions to enter the electric vehicle market in March 2021, and by September of the same year, the Xiaomi Automobile division was established with a capital of $1.4 billion. half of 2024. Judging by the appearance of the first prototype, it will be a sedan or liftback with an aerodynamic body shape. In Chinese social networks, a rumor recently began to spread that at the end of September, Xiaomi released another prototype of an electric vehicle with the symbol MS11, which is equipped with a 354 hp power plant. and is built on an 800 volt architecture that allows for faster charging of the traction battery.

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