Lei Jun, founder and CEO of Xiaomi

Lei Jun, CEO of Chinese technology giant Xiaomi Group, announced on Tuesday that the company's electric vehicles will officially enter mass production in the first half of 2024, and the company has made much progress on the vehicles, far beyond his expectation. 

Lei Jun said on investors' conference held on Tuesday that Xiaomi's electric car department finalized its business registration in Beijing city, and the unit will be based in Yizhuang, in south Beijing's Daxing District. 

Lei also revealed that the electric vehicle manufacturing plant has received more than 20,000 resumes and has recruited 453-person strong research arm. Lei revealed that Xioami's electric vehicle business has, at present stage, no plans to launch an IPO. 

On Tuesday, the share price of Xiaomi, listed at the Hong Kong Stock Exhange, rose 5.39 percent higher at the close.

Global Times