Xiaomi will try to launch their first electric car by 2024. Several announcements that have been made before confirm that its development project and self-driving system are well underway. Latest according to a Bloomberg report, Xiaomi will work with car company BAIC to manufacture their first car.
Xiaomi needs BAIC's expertise because this is a foreign industry for them. Therefore Xiaomi is believed to invest in the Beijing Hyundai No 2 factory opened by BAIC and Hyundai in 2008.
BAIC needs investment because the factory is quite old and needs to be converted to electric vehicle production. Since opening 14 years ago, the factory floor utilization has been below capacity and Xiaomi can help to solve two problems of BAIC simultaneously.
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NEWS & FACT