Smartphone maker Xiaomi Corporation has been given the green light by China’s state planner to manufacture EVs, Reuters reports.
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Xiaomi designs and manufactures consumer electronics and related software, including household appliances. It has recently branched into electric scooters.
The approval was granted by the National Development and Reform Commission (NDRC). The news agency reports that Xiaomi’s venture is only the fourth since the end of 2017 to get NDRC approval.
Earlier this year, Xiamo’s CEO Lei Jun said that its auto manufacturing plans had “progressed beyond expectation” and that protypes had “successfully” completed winter testing.
The company has a goal of producing cars by early 2024. It has invested more than 3 billion RMB (£360 million) in its EV division, with up to 10 billion RMB (£1.2 billion) earmarked for investment over the next decade.
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By GlobalDataSources told Reuters that the smartphone plans to make around 100,000 EVs next year.
