Xiaomi Auto Plans to Launch First Models in 2024 and Sell 900,000 Vehicles in Three Years

Several sources have informed Chinese domestic media outlet 36Kr that Xiaomi Auto plans to debut its first models in the first half of 2024. One source says that Xiaomi Auto intends to release a new car each year for the next three years after the initial model is launched in 2024, and expects to sell 900,000 vehicles in the three years that follow. Xiaomi has so far declined to offer any official comments.

Firm Co-Founder and CEO Lei Jun once said internally that Xiaomi Auto seeks to “unveil the first model within three years and sell 100,000 vehicles in the first year of debut.” At Xiaomi‘s new product conference this spring, Lei announced that Xiaomi would try its best to build cars by relying on existing cash reserves of 108 billion yuan ($16.77 billion), a current R&D team of more than 10,000 people, the top three smartphone businesses in the world and the best intelligent ecology in the world.

On March 30 this year, Xiaomi Group announced plans to invest 10 billion yuan in the initial stage of its smart electric vehicle business and a total of $10 billion in the next decade. After half a year’s preparation, Xiaomi Auto is operating on a smooth track. On September 1, Xiaomi Auto was officially registered, and CEO Lei shared a group photo with some of the new venture’s key team members on Weibo.

SEE ALSO: Xiaomi Builds Cars Now – How Does the Plan Work?

36Kr learned that Xiaomi Auto has pre-emptively formed the team structure. It now has more than 10 first-level departments, including the Automobile Department, which was preparatory team previously, Product Department, Intelligent Cockpit Department, Automatic Driving Department, Vehicle Hardware Department, Power System Department and Intelligent Manufacturing Department, suggesting Xiaomi Auto is to work in an all-round way.