Xiaomi has conducted cold-weather testing of its first electric vehicle and remains on track to begin mass production in the first half of 2024, chief executive Lei Jun said on Monday. The car will fall in the price range of RMB 100,000 to RMB 300,000 ($14,437 to $43,311), targeting the country’s competitive mainstream car segment, Lei said back in April 2021, when the Chinese smartphone maker unveiled its EV initiative. Since last April, the company has been building a factory with an annual production capacity of 300,000 vehicles in Beijing, where it has its headquarters, although it has yet to secure manufacturing approval from the central authorities. [Caixin, in Chinese]