SHANGHAI (Reuters) - Xiaomi (OTC:XIACF) Corp Chief Executive Lei Jun said the Chinese smartphone maker will mass produce its own cars in the first half of 2024, a company spokesperson said on Tuesday.
The comments, which were made at a investor event, were first reported by local media and later confirmed by the company.
Zang Ziyuan, a director in Xiaomi's international marketing department, also posted the news on his verified Weibo (NASDAQ:WB) account.
The date marks the next major target for the company's fledgling electric vehicle (EV) division, which Xiaomi formally announced earlier this year.
Xiaomi shares jumped 5.4% to HK$22.50, the biggest daily percentage rise since May 12, extending gains for the third straight session.
In March, Xiaomi said it would commit to investing $10 billion in a new electric car division over the next ten years. The company completed the business registration of its EV unit in late August. [L4N2Q310P].
The company has ramped up hiring for the unit, though it has yet to reveal if it will produce the car independently or via partnership with an existing carmaker.