Chinese tech giant Xiaomi founder Lei Jun is expected to unveil the first EV prototype in August. As per the report, HVST Automobile Design which is responsible for the Maven concept car from WM Motor will design the upcoming Xiaomi car. The Xiaomi Auto manufacturing plant and R&D center will be built in Yizhuang, and the first real cars are expected to leave its production line in 2024.
Xiaomi CEO Lei Jun previously announced that Xiaomi would form a new subsidiary with an initial investment of 10 billion yuan ($1.52 billion). The company plans to invest a total of $10 billion in electric car projects over the next 10 years.
“The decision was taken after several rounds of deliberation among all our partners, and will be the last major entrepreneurial project of my life,” he said in a statement. “I am ready to stake all my personal reputation and fight for the future of my smart electric vehicle! I am committed to leading my team to the success of the Xiaomi electric vehicle.”
It is not just Xiaomi, but other smartphone makers like Apple and Huawei are also planning to throw their hats in the electric vehicle segment. Apple’s supplier Foxconn recently revealed three new electric cars. For those unaware, Apple is also working on a secret project called Apple’s Project Titan that aims to roll out an electric vehicle. Huawei, on the other hand, has also announced its plans to enter this segment.
According to Transparency Market Research, the year 2018 marked the beginning of massive investment in the self-driving car market, as Ford created a new AV division with plans to invest US$4 billion by 2023, and Uber launched self-driving cars. ended its development. To focus your attention on the truck cars. In the same year, the Japanese government announced plans to begin testing autonomous vehicles on public roads, with a view to offering self-driving car services for the 2020 Tokyo Olympics.
The adoption of self-driving cars is expected to grow at a whopping ~89 percent CAGR by 2030, due to the manifold benefits these cars offer, such as eliminating driver effort and increasing passenger comfort and safety. .
Xiaomi is reportedly planning to unveil its first car prototype in August which first appeared on BGR India.