Xiaomi's 1st EV on track for 2024 launch 

Xiaomi is well on track to launch its first electric vehicle in the first half of 2024. The smartphone maker announced its entry into the EV segment earlier this year.

Xiaomi is well on track to launch its first electric vehicle in the first half of 2024. The smartphone maker announced its entry into the EV segment earlier this year and pitched it as its next big project. The company has revealed that a total of 13,919 members are working in its research and development (R&D) department, out of which 500 are actively working on the company’s electric car project. The numbers were revealed in Xiaomi's financial report. Even though the report doesn't reveal much about the EV project, it suggests that Xiaomi is on track to meet its launch timelime.

The financial report claims there are nearly 14,000 members in the R&D department and account for around 44 percent of the company’s total number of employees. Xiaomi is aggressively focusing on the EV segment and has acquired an autonomous driving-based startup called Deepmotion in August 2021. It plans to set up a subsidiary to overlook the EV segment with a total investment of $10 billion yuan over the next 10 years.