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Xiaomi’s CEO says the tech giant is already testing 140 cars in China equipped with advanced autonomous driving technology.
Xiaomi first announced its plans to enter the world of electric cars last year. And speaking at a recent corporate event, CEO Lei Jun said the company already has a workforce of 500 employees dedicated solely to developing autonomous driving technologies for its electric vehicles.
He added that the automaker has already earmarked 3.3 billion yuan ($490 million) for the self-driving initiative, Reuters reported.
The company’s deployment of autonomous vehicle prototypes comes less than two weeks after it was reported that Xiaomi was in talks with China’s National Development and Reform Commission but was facing difficulties in getting regulatory approval for its car project.
Xiaomi has already committed $10 billion to the automotive venture and planned to introduce its first electric car in 2024.
New companies entering China’s automotive space must submit documents to prove their financial and technological capabilities. This review process often takes several months, and in some cases the government rejects applications entirely. Although Xiaomi has not yet received the necessary approvals for its project car, this does not seem to cancel the plans for its appearance.
In fact, Xiaomi has already started work on its first car factory, which is located in Beijing. ‘Xiaomi’s difficulties in obtaining a car manufacturing license in China could hinder the development of electric vehicles and delay the debut planned for 2024,’ Bloomberg Intelligence analysts Steven Tseng and Sean Chen recently said about the issue.
‘This delay could continue to burden heavy research and development costs and capital investment, and could affect market share as China’s EV segment becomes increasingly crowded with fast-growing rivals Nio, Xpeng and Li Auto,’ Bloomberg experts wrote.
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