On Aug 29, Xiaomi Corp President Lu Weibing stated that the company's plans to begin mass production of electric vehicles (EVs) in the first half of 2024 remain unchanged.

"Our current progress is ahead of expectations and the original production schedule," Lu said during a conference call with investors.

Xiaomi Corporation, also known as Xiaomi Inc., is a Chinese designer and manufacturer of consumer electronics and related software, as well as home appliances and household hardware. It is the world's second-largest manufacturer of smartphones, trailing only Huawei, with the majority of its devices running the MIUI User Interface, which is based on the Android operating system. The company is ranked 338th on the Fortune Global 500 and is the youngest.

Xiaomi was founded in 2010 in Beijing by now multi-billionaire Lei Jun and six senior associates when he was 40 years old. Lei founded Kingsoft and Joyo.com, which he sold to Amazon in 2004 for $75 million. Xiaomi released its first smartphone in August 2011, and by 2014, it had the largest market share of smartphones sold in China.