Xiaomi will start producing its own electric vehicles

The Chinese corporation Xiaomi intends to start mass production of electric vehicles in early 2024.

About it stated CEO Lei Jun on Twitter.

Xiaomi’s launch of auto production is expected to be the next step for Xiaomi’s electric vehicle division.

Xiaomi EV is ahead of schedule. Aiming for mass production in 2024 H1. pic.twitter.com/DKXHdXty2Y

— Leijun (@leijun) October 19, 2021

What happened to Xiaomi stock?

Amid the CEO’s announcements to start producing electric vehicles, the company’s shares rose 5.4% to $ 2.89. This is the highest increase in a day since May 12. By the way, it is not yet known whether the company will produce electric vehicles independently or in partnership with another company.

Demand for electric vehicles is growing in Ukraine

In September, Ukraine set a new record for the number of new electric vehicles registered within one month. In August, 144 electric vehicles received Ukrainian license plates, and compared to last year’s figure, the September demand for new electric vehicles has grown 2.5 times.

The most popular electric cars among Ukrainians were:

• NISSAN Leaf – 28 registrations.
• HYUNDAI Ioniq – 12.
• NISSAN Sylphy -11.
• JAC iEVS4 and PORSCHE Taycan – 10 registrations each.
• BMW i3 and MERCEDES-BENZ EQC – 9 registrations each.

We also wrote that the Kremenchug Automobile Plant AvtoKrAZ plans to produce electric vehicles. Specialists are currently working on relevant projects.

Recall that the Ministry of Infrastructure has proposed to ban the import of cars with gasoline and diesel engines into the territory of Ukraine. A complete ban is planned to be introduced from 2030.