Xiaomi Plans Mass Production Of EV In 1H Of 2024

Xiaomi Corp XIACF XIACY will mass-produce its cars in the first half of 2024, Reuters reports citing a company spokesperson.
In March, Xiaomi earmarked $10 billion in a new electric car division over the next ten years.
Xiaomi completed the business registration of its EV unit in late August, the report added.
Xiaomi ramped up hiring for the unit. However, Xiaomi is yet to confirm if it will produce the car independently or via a partnership with an existing carmaker.
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Price Action: XIACY closed Monday's trading session at $13.76.