Chinese tech Giant Xiaomi plans to begin manufacturing electric vehicles in the first half of 2024.  Over the next ten years, the smartphone manufacturer expects to invest around 8.5 billion euros in the initiative, according to reports.

This has been accomplished through the formation of a parent corporation. Xiaomi has not yet stated if the business will manufacture the automobiles wholly in-house or whether it will collaborate with an existing automobile manufacturer on the project.

The Chinese corporation appears to be following in the footsteps of its American counterpart Apple, which is also developing an electric vehicle (with self-driving capabilities). Huawei, a Chinese telecommunications company and smartphone manufacturer, has expressed interest in entering the electric vehicle sector. Sony is now putting its first electric vehicle through its paces.

Vehicles will become increasingly connected to one another as well as to other objects, such as traffic lights, in the future, the corporations predict. They also anticipate that the vehicles will become increasingly autonomous in their driving. As a result, the technology businesses perceive a chance to compete with the traditional automobile companies.