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    1810   KYG9830T1067

XIAOMI CORPORATION

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Xiaomi Plans to Mass Produce EVs in 2024

10/19/2021 | 02:35am EST

Xiaomi Corp. Chief Executive Lei Jun said Tuesday that the company plans to mass produce its own cars in the first half of 2024.

Mr. Lei said at an investor event that Xiaomi's first vehicle factory will be located in Beijing. The new electric-car unit has added more than 450 hires to its research and development team, he added.

In March, the Chinese electronics maker joined a group of technology companies including Alibaba Group Holding Ltd., Tencent Holdings Ltd. and Baidu Inc. in drawing up plans to enter the world's largest electric-vehicle market. Xiaomi pledged to invest $10 billion over the next decade in the business.

Although Beijing wants the crowded Chinese EV sector to consolidate, analysts believe the country's EV market, with sales more than tripling in the first nine months compared with the same period last year, remains attractive to newcomers, including tech companies. They have mainly partnered with existing car makers instead of building vehicles on their own.

Mr. Lei said the progress made by Xiaomi's EV subsidiary has been faster than expected. But the company hasn't said whether it will produce cars independently or cooperate with established car makers. Xiaomi didn't immediately respond to a request for comment.

Last month, a Xiaomi-backed investment fund became the second-biggest shareholder of the EV battery unit of Ganfeng Lithium Co., the world's biggest lithium producer by market cap.

Xiaomi's Hong Kong-listed shares jumped 5.4% higher to close at HK$22.50.

Write to Singapore Editors at singaporeeditors@dowjones.com

(END) Dow Jones Newswires

10-19-21 0435ET

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Analyst Recommendations on XIAOMI CORPORATION
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Financials
Sales 2021 324 B 50 727 M 50 727 M
Net income 2021 21 863 M 3 420 M 3 420 M
Net cash 2021 66 217 M 10 359 M 10 359 M
P/E ratio 2021 18,0x
Yield 2021 -
Capitalization 388 B 60 764 M 60 769 M
EV / Sales 2021 0,99x
EV / Sales 2022 0,76x
Nbr of Employees 26 110
Free-Float 57,9%
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Xiaomi Corporation Technical Analysis Chart | 1810 | KYG9830T1067 | MarketScreener
Technical analysis trends XIAOMI CORPORATION
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Mean consensus BUY
Number of Analysts 34
Last Close Price 15,62 CNY
Average target price 23,65 CNY
Spread / Average Target 51,4%
EPS Revisions
Managers and Directors
Jun Lei Chairman & Chief Executive Officer
Xiang Wang President
Alain Lam Chief Financial Officer
Yan Qi SVP-Internal Operations & Public Affairs
Dong Sheng Chen Independent Non-Executive Director
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