Despite all the challenges, Xiaomi’s car business is growing faster than expected. This was confirmed by the company’s chairman and founder, Lei Jun, who noted that the electric car’s winter tests have been successfully completed, and the team developing Xiaomi’s first car is growing rapidly and completing tasks ahead of schedule.

He also added that everything is going according to plan, thanks to which the mass production of the electric car can start as soon as the first half of 2024. To date, the company has invested more than $433 million in its automotive business and has a team of 2,300 employees.

A new round of investment is expected to exceed $2.8 billion this year, with another $14 billion to be raised over the next five years.

During the investor day, the Xiaomi CEO also suggested that the company should pay attention to robotics, as the development of such technologies will contribute to the improvement of autonomous driving functions in cars and speed up the production process.