11:08 - 7.03.2023

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March 7, Fineko/abc.az. Xiaomi announced plans to start production of electric vehicles in March. At the first stage, the company plans to invest 10 bn yuans in the automotive division. Mass production is expected to begin in mid-2024.

ABC.AZ reports that the company will face tough competition in the market.

So, new young brands Xpeng Motors and Li Auto are currently fighting with Tesla for an increase in market share.

As for Xiaomi's core business, smartphone production has declined due to declining demand amid a downturn in the global economy.