{Disarmed} The announcement about the production of own electric cars in 2024 makes Xiaomi shares skyrocket

The announcement about the production of own electric cars in 2024 makes Xiaomi shares skyrocket

We already have a date for the first Xiaomi vehicle. Yesterday, Lei Jun, CEO and president of Xiaomi, announced that Xiaomi's first electric car is expected to be mass-produced during the first half of 2024 and this has brought with it the first consequences for the company.

As we can read through CNBC , Xiaomi's shares in Hong Kong increased by more than 5% after the announcement , so this news has been very well received by investors who place their confidence that the company is capable to offer high quality products in this sector.

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Xiaomi's potential in the electric car market begins to pay off

On March 30, it was Lei Jun himself who announced Xiaomi's foray into the electric car market with an initial investment of 10 billion dollars over the next ten years . He himself would be in charge of this project, a company that has already been registered under the name of Xiaomi EV Inc and that has more than 300 employees focused on getting the best possible product to enter the sector with force.

Xiaomi shares in the Hong Kong market

It is clear that Xiaomi's potential in the Chinese market for electric cars is practically unlimited, and it is a sector that is currently booming . Currently, one in five cars registered in that market correspond to electric cars, something that will have increased considerably in 2024 when Xiaomi arrives.

The electric vehicle market in China has had quite favorable government support over the last few years, something that has significantly helped the industry continue to grow, in fact, according to the well-known consultancy Canalys , in the In the current year 2021, 1.9 million units of electric vehicles will be sold, which represents an increase of 51% compared to what we saw last year.

Therefore, it seems clear that Xiaomi will be looking for its piece of the cake in this movie and is already creating enough excitement for that to happen. Of course, it will not be easy since, when it hits the market from the year 2024, it will have really tough competition with companies like BYD, Nio, Xpeng and, of course, Tesla. 2024 please arrive now.

Via | Gizmochina

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The news The announcement about the production of own electric cars in 2024 makes Xiaomi shares skyrocket was originally published on xiaomist by Daniel Vega .

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