Xiaomi has announced that manufacture of its first electric vehicle would begin in 2024.

After establishing itself as one of the world’s leading smartphone makers, Xiaomi has set its sights on a completely other industry: automobiles. The corporation announced its plans to launch an electric vehicle (EV) branch earlier this year.

It also promised to invest 10 billion yuan (about $ 1.56 billion) in the company over the following ten years. At the end of August, the company finalised the commercial registration of its automobile unit and announced that it had already hired 300 people.

Xiaomi stated in a statement that it “hopes to deliver quality smart electric vehicles so that everyone in the world may experience a smart life anytime, anywhere.”

Xiaomi’s founder and CEO, Lei Jun, has now stated that full manufacturing of its own electric car line will commence in the first half of 2024. He announced the news during an investment gathering and then on his official Weibo account.

It’s still unclear if the business intends to produce the car on its own or in collaboration with an existing automaker. Xiaomi recently announced the acquisition of DeepMotion, a company that develops autonomous driving technologies.