At a gathering scheduled for August, the Chinese electronics company Xiaomi could reveal the first iteration of a four-wheeled electric car. Lei Jun, the Chief Executive Office (CEO) of Xiaomi, is rumored to have planned a public event where the Electric Vehicle (EV) would be unveiled.

Xiaomi stated their first electric vehicle will go into commercial production in 2024 in November of that year. Now, according to rumours, the corporation is much ahead of schedule and prepared to unveil its prototype.

According to reports, Jun spends the most of his time at Xiaomi's vehicle headquarters to ensure the launch goes as smoothly as possible. He is keeping a tight eye on every element of the prototype, including all of the testing that would be carried out following the anticipated unveiling.

HVST Automobile Design has been tasked by Xiaomi with creating their first electric vehicle. The Maven concept automobile from Weltmeister Motors received its edges and curves from this business.

The firm announced that it will invest more than $10 billion over the next 10 years in creating a reputable auto brand after unveiling its ambitions to release an electric car using the MI emblem. Along with its Research & Development division, Xiaomi has established the Xiaomi Auto headquarters in Yizhuang, Beijing.

A significant portion of the funds, $780 million, have also been invested in Beijing Weilan New Energy Pvt. Ltd., a business that is developing the next generation of solid-state batteries.

Xiaomi intends to release its vehicles in the A and B sectors. According to media sources, the first portion will feature L2 autonomous driving capabilities, while the second segment most likely has L3 automated driving. The pricing difference will reflect this as well, with the L3 autonomous driving-equipped car costing several lakhs more.