Asian Tech Press (Oct 19) -- Chinese electronics giant Xiaomi Corp (1810.HK) expects to formally mass-produce its cars in the first half of 2024, its founder and CEO said Tuesday.

At an investor conference on Tuesday, Lei Jun, founder, chairman and CEO of Xiaomi, said the company's self-developed car is expected to be mass-produced in the first half of 2024.

At the meeting, Lei also announced the current progress of Xiaomi's EV business. He said that registration was completed in Beijing on September 1, and the first factory will be located in Yizhuang town, Beijing, with more than 20,000 resumes received and 453 employees on board the R&D team.

Affected by the news, Xiaomi rose 4.68% to HK$22.35 per share by lunchtime.