(Yicai Global) Oct. 19 -- Shares in Xiaomi jumped today after China’s biggest mobile phone maker said it is on track to begin mass production of its brand new electric car line in the first half of 2024, The Paper reported today, citing the company chairman.

Xiaomi’s stock price [HKG:1810] closed up 5.39 percent at HKD22.50 (USD2.87) apiece.

Progress in the firm’s new energy vehicle business already exceeds expectations, Lei Jun said at an investors event. Xiaomi announced in March that it will spend USD10 billion over the next 10 years in its latest venture. The Beijing-based firm is constructing a factory in the capital’s Yizhuang district and has already built up a research and development team of 453.

Entering the EV field was the biggest decision that Xiaomi has made since it was set up in 2010, Lei said in March, adding that it is also one that he is prepared to stake his reputation on. It came after management visited 85 auto firms and spoke with more than 200 industry veterans.

Xiaomi is the latest in a number of tech firms, including Alibaba Group Holding and Baidu, that are tapping into the country’s fast-growing NEV market.

Editor: Kim Taylor